Pinterest, a content sharing service that allows members to "pin" images, videos and more to their personal pinboards, has scored some major funding. The company has reeled in a whopping $225 million, taking its total value up to $3.8 billion. This is a pretty amazing feat for a three-year-old company that has no revenue. Pinterest is becoming a true business model.
This new flow of cash comes not long after the company received massive funding in February in the amount of $200 million. Some of Pinterests most current investors include: Andreessen Horowitz, FirstMark Capital, Bessemer Venture Partners and Valiant Capital Management.
Pinterest recently began rolling out its monetary game plan. It kicked those plans into action with the debut of Promoted Pins. Pinterest had close to 25 million users just last month.
Pinterest board (click to enlarge)
Ben Siberman, Pinterest CEO, says, “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. This new investment enables us to pursue that goal even more aggressively.”
Pinterest recently hired its first global employees. Country managers were hired in both France and England. The company has expanded into Italy and has indicated an interest in Japan. Pinterest is looking into plans that could expand the company into a dozen additional countries by the year’s end.
The California-based site also just scored an unpaid deal to be preinstalled on Google Android phones that are distributed by various carriers in Latin America and Europe.
The site continues to grow in popularity and it is a key driver of traffic to other websites.
The new funding will be used for corporate purposes, including international expansion. It will also invest in technical infrastructure that will make the service faster and more reliable.
Edited by Alisen Downey