Pinterest valued at $5 bn after fresh funding

May 16, 2014 by Glenn Chapman
Pinterest CEO Ben Silbermann addresses a Pinterest media event at the company's corporate headquarters in San Francisco, California on April 24, 2014

Pinterest on Friday confirmed that another $200 million has been pumped into its coffers to build up search capabilities at the booming, bulletin board-style social network.

The latest round brings to $764 million the total amount of funding raised by the San Francisco-based start-up and gives Pinterest an overall value of $5 billion.

"Pinterest has a vision of solving discovery and helping everyone find things they'll love," said start-up co-founder and chief Ben Silbermann.

"This new investment gives us additional resources to realize our vision."

The latest infusion of cash came from existing Pinterest backers SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital, and Valiant Capital Partners.

Uses for the money were to include paying for technology and talent to develop Pinterest into a "discovery platform" in a potential challenge to Internet search king Google.

Finding 'Pins'

Pinterest last month launched a tool to help people quickly sift through the roughly 30 billion 'Pins' on the service's online bulletin boards to find what they like.

In a move similar to one made last year by Facebook, Pinterest is tapping into its rich trove of user-posted content to tackle questions that traditional search engines such as Google or Bing handle less well.

Pinterest employees tend to a silk screening booth during a Pinterest media event at the company's corporate headquarters in San Francisco, California on April 24, 2014

Pinterest users can turn to the new Guided Search feature for answers to questions such as how to make a yummy breakfast, where to go on vacation or how to customize a motor scooter.

The company has not disclosed the number of users, although estimates from digital analytics firm comScore put the figure at around 60 million.

There are more than 750 million online bulletin boards with a combined total of about 30 billion Pins hand-picked by people sharing images on myriad interests from travel to food to sports and more, according to Pinterest.

Guided Search was billed as being tailored for exploring, "whether you know exactly what you want, or you're just starting to look around."

The tool is available on smartphones and tablets that are increasingly the preferred options for accessing the Internet. It begins with keyword searches that trigger suggestions.

Money from the latest round of funding was to also be used to continue expanding internationally.

Pinterest is currently available in 31 countries and reported that about 30 percent of its users are outside the United States.

Pinterest said it will also invest in its revenue-generating advertising program.

Pinterest this week began pinning ads to its popular online bulletin boards in the form of "promoted Pins."

Facebook and Twitter both bring in money from ads in the form of posts "promoted" to prominent positions in streams of updates at the social networks.

Pinterest has become one of the Internet's hottest young websites, particularly among women, by giving people virtual bulletin boards that they personally curate with pictures showcasing interests in anything from food to sports, fashion or travel.

Explore further: Pinterest adds search tool for finding fun 'pins'

add to favorites email to friend print save as pdf

Related Stories

Pinterest gets fresh capital, plans expansion

Oct 24, 2013

Pinterest, the fast-growing US bulletin board style social media site, said Thursday it has raised $225 million in new capital and will use it to expand to 10 more countries by year's end.

Pinterest launches location-based pins

Nov 21, 2013

Pinterest, the online pinboard for sharing everything from wedding china ideas to travel inspiration, is now letting users add location to their pins.

Pinterest moves to conquer French

Jun 11, 2013

Pinterest said Tuesday it was launching a new "localized" version of the bulletin-board style social media site for French users.

Recommended for you

Startups offer banking for smartphone users

16 hours ago

The latest banks are small enough to fit in the palm of your hand. Startups, such as Moven and Simple, offer banking that's designed specifically for smartphones, enabling users to track their spending on the go. Some things ...

'SwaziLeaks' looks to shake up jet-setting monarchy

Aug 29, 2014

As WikiLeaks founder Julian Assange prepares to end a two-year forced stay at Ecuador's London embassy, he may take comfort in knowing he inspired resistance to secrecy in places as far away as Swaziland.

Ecuador heralds digital currency plans (Update)

Aug 29, 2014

Ecuador is planning to create what it calls the world's first digital currency issued by a central bank, which some analysts believe could be a first step toward abandoning the country's existing currency, ...

WEF unveils 'crowdsourcing' push on how to run the Web

Aug 28, 2014

The World Economic Forum unveiled a project on Thursday aimed at connecting governments, businesses, academia, technicians and civil society worldwide to brainstorm the best ways to govern the Internet.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

pandora4real
5 / 5 (1) May 17, 2014
You know all the crap you have on your refrigerator door? This guy's "genius" is to create a virtual version of that. It's things like this that make you wish for a global collapse where people have to finally get real. Talk about the "wind trade"...