Pinterest announced Tuesday that it raised $150 million in capital from existing investors, valuing the company at $12.3 billion.
The additional capital will be used to make further investments in visual search technology and global expansion, Pinterest said in an email to Social Pro Daily, adding more specific details:
- Advance computer vision in first-of-its-kind products like Lens camera search to make Pinterest the starting place for any visual search on mobile and web. Mobile search on Pinterest has increased 40 percent year over year.
- Expand the technology we use to power visual search and recommendations to make ads more relevant and useful. We’ve doubled the revenue per search query since the beginning of the year.
- Improving local and relevant content for Pinners outside of the U.S. Currently, 60 percent of Pinners are outside the U.S. In the past year, we’ve nearly tripled users in Germany and Brazil and more than doubled in France and Japan.
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