The pin-board company has collected $225 million in new financing and has grown its value by $1.3 billion in the past eight months. October 23, 2013 3:20 PM PDT (Credit: Photo by Astrid Stawiarz/Getty Images for ELLE Magazine) Stick this on your board: Pinterest has closed a $225 million round of funding that now values the company at $3.8 billion dollars, the startup confirmed to CNET. New investor Fidelity led the round with participation from existing investors, Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital, and Valiant Capital Partners, Pinterest said. The news, first reported by AllThingsD, comes just eight months after the social networking site secured $200 million. At the time, it was valued at $2.5 billion. Related posts Pinterest creates exclusive Android widget for Telefonica Facebook Home gathers up Instagram, Pinterest, and more Bing sweetens image search with Pinterest boards "We hope to be a service that everyone uses to inspire their future, whether that's dinner tomorrow night, a vacation next summer, or a dream house someday," co-founder and CEO, Ben Silbermann said in a statement shared with CNET. "This new investment enables us to pursue that goal even more aggressively." The astronomical raise comes as Pinterest attempts to profit from its popular Web and mobile apps that allow people to "pin" recipes, clothes, quotes, and so forth to digital pin-boards. The service only began testing advertisements last month and said it wasn't charging its first clients, meaning that the 3-year-old company is still not making money. Pinterest has raised $564 million in funding to date. This story is developing. Refresh for updates.
The pin-board company has collected $225 million in new financing and has grown its value by $1.3 billion in the past eight months.
(Credit: Photo by Astrid Stawiarz/Getty Images for ELLE Magazine)
Stick this on your board: Pinterest has closed a $225 million round of funding that now values the company at $3.8 billion dollars, the startup confirmed to CNET. New investor Fidelity led the round with participation from existing investors, Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital, and Valiant Capital Partners, Pinterest said.
The news, first reported by AllThingsD, comes just eight months after the social networking site secured $200 million. At the time, it was valued at $2.5 billion.
Related posts
- Pinterest creates exclusive Android widget for Telefonica
- Facebook Home gathers up Instagram, Pinterest, and more
- Bing sweetens image search with Pinterest boards
"We hope to be a service that everyone uses to inspire their future, whether that's dinner tomorrow night, a vacation next summer, or a dream house someday," co-founder and CEO, Ben Silbermann said in a statement shared with CNET. "This new investment enables us to pursue that goal even more aggressively."
The astronomical raise comes as Pinterest attempts to profit from its popular Web and mobile apps that allow people to "pin" recipes, clothes, quotes, and so forth to digital pin-boards. The service only began testing advertisements last month and said it wasn't charging its first clients, meaning that the 3-year-old company is still not making money.
Pinterest has raised $564 million in funding to date.
This story is developing. Refresh for updates.
