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Social media site in hunt for finance

Pinterest raises market interest in funds plan

PinterestPhoto pin-up site Pinterest is in talks to raise $500m (£323m) in a move that would double its valuation to $11 billion, according to the Wall Street Journal.

It said it was unclear whether any new investors will join the round, which is expected to close in the coming week.

The company was valued at $5bn when it raised funds last May and the latest valuation is said to be a reflection of Pinterest’s potential as it remakes itself from a scrapbooking site into a destination to discover new things.

A Pinterest spokesman declined to comment.

The company, whose users post and share images, or “pins” to pages or “boards”, is on a growth path, already employing 500 at its headquarters in San Francisco and expanding rapidly across Europe and Asia. Its 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 an independent source.

 

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