Pinterest isn’t going anywhere anytime soon. Last year the social scrapbooking platform rode its skyrocketing profile to a $100 million funding round, which gave it a $1.5 billion valuation. Now Pinterest has nabbed a $200 million funding round at a $2.5 billion valuation, as first reported by All Things D on Wednesday afternoon and confirmed by the company later that day. The new capital gives Pinterest a sizeable cushion to keep at bay any pressures to sell to a larger company, despite its lack of a formal revenue stream.
“Our focus is on helping millions of people discover things they love and get inspiration to go do those things in their life. This investment gives us more resources to help realize that vision,” said Pinterest cofounder and CEO Ben Silbermann in an emailed statement.
Per a Pinterest spokesperson, the company plans to put the money towards the development of new technology and features around discovery, hiring engineering, design and business talent. Also in the works is an international expansion, investment in technical infrastructure and strategic talent and technology acquisitions.
Pinterest made its first acquisition last month when it snagged recipe site Punchfork in a talent-and-technology deal. Punchfork’s technology could lay the groundwork for a long-awaited Pinterest API that would enable developers to build tools on top of the social platform.
New investor Valiant Capital Management led Pinterest’s latest funding round and was joined by previous investors Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital.