Facebook but might the talk of the week thanks to its expected $100 billion IPO talk but it is not the only social network with big news this week. Social link sharing website Pinterest received a jump from $200 million to $1.5 billion after received a new round of financing valued at $100 million.
As the Wall Street Journal notes the increase pushes the site into an “exclusive but growing club of Silicon Valley venture-backed companies” to pass the $1 billion mark.
While the company has been valuated based on the strength of its growing numbers and investor interest, it still has no known business model, takes in limited revenue and has failed to turn a profit at this time. However investors have watched as big name brands have flocked to the website, brand names that could eventually lead to big publishing rights as Pinterest continues to be a lead traffic pusher for many company’s.
The newest round of Pinterest funding comes from Japanese e-commerce site Rakuten Inc. alongside already invested firms including Andreessen Horowitz, FirstMark Capital and Bessemer Venture Partners.