SAN FRANCISCO, June 7 — Pinterest, which develops visual search technology and allows users to save images on its website, has raised US$150 million (RM640.6 million) from existing investors in its latest round of funding valuing the company at US$12.3 billion, a company spokeswoman said yesterday.
The latest funding round has slightly increased the company’s valuation from US$11 billion when Pinterest raised US$367 million in March 2015.
Pinterest, which was founded in 2010, introduced a new search tool in early February called Lens to boost its advertising revenue.
Lens helps users to discover ideas inspired by objects in the real world that are detected through a device camera.
The additional capital will be used for further investments in visual technology and global expansion, the spokeswoman said in a statement over email.
The San Francisco-based company has 175 million monthly users collecting and pinning photos related to cooking, designing, travel and other interests on its website. About 60 per cent of Pinterest’s user base is outside the United States. — Reuters
