Online scrapbook Pinterest seeks funding at $2 billion valuation: WSJ

Wed Feb 6, 2013 7:18am IST

Related Topics

Stocks

   

REUTERS - Online scrapbook Pinterest is trying to raise a new round of funding that would give it a valuation of $2 billion to $2.5 billion, the Wall Street Journal reported on Tuesday.

The company declined to comment on any fundraising efforts.

The talks are fluid with no investment finalized, the Journal said in its report.

Pinterest, which allows users to create online bulletin boards based on various themes such as travel, decorating, or sports, is part of a group of Internet companies that offer twists on Internet networking among various groups. They typically have little discernable profit or revenue, but have landed some outsized investments from venture capitalists.

They include private social-network Path, which raised $30 million at a valuation of $250 million last year; question-and-answer site Quora, which raised $50 million at a $400 million valuation last year; and microblogging service Twitter, which raised $400 million in new funding and another $400 million to buy out existing investors at an $8 billion valuation in 2011.

Since Facebook Inc's (FB.O) May initial public offering, which saw the stock fall far below its offer price before rebounding in recent months, many investors have cooled on consumer-focused Internet companies.

But Pinterest's rapid growth since its 2010 launch may make it an exception. It now has 28 million users, according to consultancy comScore.

The start-up last raised money in May 2012 at a $1.5 billion valuation in a round led by Japanese e-commerce site Rakuten Inc 4755.OS.

Its venture backers include Bessemer Venture Partners, Andreessen Horowitz, and FirstMark Capital.

(Reporting By Sarah McBride in San Francisco; Editing by Carol Bishopric)

FILED UNDER:

"India's Daughter"

Reuters Showcase

Countering China

Countering China

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

'India's Daughter'

'India's Daughter'

Society created Delhi gang rape convicts: Filmmaker Leslee Udwin.  Full Article | Related Story 

Kohli Censured

Kohli Censured

BCCI warns Virat Kohli against repeat of misbehaviour.  Full Article 

MUDRA Bank

MUDRA Bank

Funding the unfunded: India helps small business borrow to grow  Full Article 

PML(N)'s Hope

PML(N)'s Hope

Pakistan's ruling party looks for gains in upper house election  Full Article 

For Women's Right

For Women's Right

Afghan men don burqas, take to the streets for women's rights.  Full Article 

U.S. Envoy Attacked

U.S. Envoy Attacked

Knife-wielding attacker slashes face of U.S. ambassador in South Korea  Full Article 

New Strategy

New Strategy

Ashwin mulls 'one-sided' ploy against big-hitters.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage