Pinterest to raise $500 mn in funding round; eyes $11-bn valuation

Photo pin-up site, Pinterest Inc is in talks to raise $500 million in a round of funding that would more than double its valuation to $11 billion, The Wall Street Journal reported citing sources, Reuters reported.

The company planned to raise the funds over the coming weeks, but it was not clear if any new investor would join the round, according to the report.

With the new funding the company would be valued at over twice the $5 billion valuation last May when it raised $200 million.

The company had raise a total of $764 million so far from existing investors SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital, and Valiant Capital Partners.