Liz Gannes says they have raised $8 million to grow:

Meanwhile, the site itself is somewhere in the Pinterest-Tumblr spectrum, with no business model to speak of. It’s a sort of shiny-happy supportive environment filled with stuff young women like, at the opposite end of the Internet from something like 9GAG.

We Heart It is about “expressiveness,” Giolito said. It’s a way for people to show “how I’m feeling at the moment” with a picture. Usually, that picture is grabbed from elsewhere on the Web — the site is only starting to allow uploads. Many users are anonymous.

We Heart It has 20 million monthly unique visitors, and is starting to skew almost half mobile overall, though it only just released its Android app six weeks ago, and its iPhone app nine months ago.