Pinterest raises $367m at $11bn valuation

Virtual scrapbooking website Pinterest which engaged in another funding round, looking to raise more than half a billion dollars has secured about half of the targeted funding.

In a filing with the US Securities and Exchange Commission, the firm said it raised $367m (£248m, €348m) in its latest funding round that targets a total of $578m.

"Pinterest raised $367 million in primary financing at a valuation of $11 billion. The company may raise as much as $211 million more, making the Series G a potential total of $578 million. Participants include new and previous investors," a company spokesperson told IBTimes UK.

The firm is currently valued at $11bn, making it one of the most highly valued startups by venture capitalists.

The current round of funding is expected to close in a few weeks, according to The Wall Street Journal.

Less than a year ago, the company was valued at $5bn, and the significant increase in valuation represents investors' high expectation.

Pinterest has so far raised $764m since its launching in 2009. The funding is expected to cross $1bn at the end of the latest round.

"Pinterest will use the additional capital for corporate purposes, including to fuel international expansion," the spokesperson added.

International users of the site now represent more than 40% of all users, having increased more than 135% over 2014. In 2013, international users represented just 28% of all users.

Pinterest's unique US visitors reached an all-time high of 75.8 million in January, up 37% from the same time a year earlier, according to comScore.

The company has earlier launched initiatives to monetise its services. In January, the company said it is focusing on developing its ad business in 2015.