Pinterest just scored $150 million in funding
Investors are—yes—pinning their hopes on Pinterest’s continued success.
The scrapbook-like social network just raised $150 million from a group of existing backers at the same share price as its last funding round in 2015, Bloomberg reports.
The cash infusion boosted the company’s worth from around $11 billion to $12.3 billion.
The move confirms speculation that the company plans to delay an inevitable IPO as they continue to build out their ads business.
Despite an aspirational ethos that easily lends itself to all sorts of marketing, Pinterest has mostly lagged when it comes to monetization. It only just started selling video ads last fall, and it only began offering ads at all in 2014.
The slow pace of ad product launches has reportedly frustrated some marketers who’d like to see the platform become more versatile. Still, analysts often cite Pinterest’s social search engine as a potentially challenger to Google’s supremacy along with Amazon. And Pinterest has aimed to live up to that prediction, with a series of recent ad rollouts, including promoted posts, and autoplay videos interspersed with search results.
The company’s said to be aiming for $500 million in revenue this year—up from $300 million last year. They also launched their first-ever out-of-home ad campaign on Tuesday with billboards in Times Square and across New York.
Pinterest didn’t immediately respond to a request for comment.