Pinterest Inc. said it raised $225 million in a financing round that values it at $3.8 billion, as the Internet-scrapbooking startup seeks to expand and develop a model for generating revenue. The San Francisco-based company said the funding was led by mutual-fund firm Fidelity Investments, a new investor, with participation from existing investors such as Bessemer Venture Partners and FirstMark Capital. The round brings Pinterest’s total funding to $565 million and boosts its valuation from $2.5 billion during a February financing round.
“We hope to be a service that everyone uses to inspire their future,” Pinterest Chief Executive Officer Ben Silbermann said in a statement. “This new investment enables us to pursue that goal even more aggressively.”
Pinterest remains near the forefront of a pack of fast-growing Silicon Valley startups that also includes online-storage startup Dropbox Inc., among others. Pinterest has racked up funding as it rides a surge of user growth, even as it is still testing advertising and ways to make money. The site, which is free for consumers, lets people share images of objects or projects by “pinning” pictures online.
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