The latest funding round saw the company’s valuation rise by $1 billion.
On Tuesday, Pinterest’s spokeswoman disclosed that the visual search technology company has raised $150 million in its latest funding round from existing investors.
Pinterest is now valued at $12.3 billion from its earlier $11 billion when it raised $367 million in March 2015.
In order to boost its advertising revenues, in February the company had released its Lens tool which allows its users to discover and be inspired by new ideas and objects from the real world.
The company’s spokeswoman clarified that the additional capital will be used to further enhance its visual technology and its global footprint.
The SanFrancisco-based company has 175 million monthly users who collect and pin photographs related to just about everything, including, designing, holidays, travels, cooking, etc.
More than 60% of Pinterest’s users are located outside the United States.
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