Pinterest worth $3.8 Billion Valuation, by Kara Swisher
Adam Rifkin stashed this in Pinterest
Pinterest is now worth twice as much as the New York Times.
Kara Swisher writes:
Pinterest has completed another enormous funding, this time nabbing $225 million with late-stage investor Fidelity Investments in the lead.
The new infusion of cash — which comes on the heels of a very recent and massive funding in February of $200 million that valued the social scrapbooking company at $2.5 billion — pegs the latest valuation of Pinterest at $3.8 billion.
That’s obviously a whole lot of pins.
Sources said most of its current investors — including Andreessen Horowitz, FirstMark Capital, Bessemer Venture Partners and Valiant Capital Management — reupped in the latest round. But Japanese e-commerce giant Rakuten, which had already sunk $100 million into the San Francisco-based social scrapbooking site in May of 2012, was not part of this round.
Sources said the money was aimed in part at goosing international efforts, which has seen strong growth.
Pinterest is now confirming the funding, investors and valuation, with a statement from co-founder and CEO Ben Silbermann: "We hope to be a service that everyone uses to inspire their future, whether that's dinner tomorrow night, a vacation next summer, or a dream house someday. This new investment enables us to pursue that goal even more aggressively."
The company recently said it hired country managers in France (where it launched its first localized edition in June) and England, which were its first global employees. Pinterest had also indicated interest in Japan, when it raised money from Rakuten. It also expanded to Italy.
Ambitiously, sources said Pinterest has plans to up to a dozen additional countries by the end of the year.
Also, on the international front, Pinterest just scored a deal (again, unpaid) to be preinstalled on Google Android phones distributed by Telefónica’s various carrier brands in Latin America and Europe.
This Series E will bring the total funding to $564 million.
Pinterest worth $4 billion makes it worth more than Instagram + Tumblr + New York Times COMBINED.
Mother of God.
While comScore showed Pinterest had 24.9 million unique monthly users in September, that is only in the United States and is desktop only. AsAllThingsD previously reported, in March alone, after mobile and international is added, it had close to 50 million unique monthly users worldwide.
Growth is the ticket to Pinterest’s funding, since it hasn’t had the opportunity to have slowing revenue growth or disappoint investors with monetization troubles yet, because it has yet to even try to make any money. In fact, the company started its first test of advertising, called “promoted pins” that appear in search results and category feeds, just a few weeks ago.
But that’s an unpaid trial, according to the extensive disclosure post personally penned by Pinterest CEO Ben Silbermann that tried to ease users into the idea of advertisers having any place at all on the site.
Still, as with Facebook’s Instagram, advertisers are interested in finding new ways of reaching consumers in innovative ways, especially over mobile devices. Pinterest, essentially, is building the ultimate personalized catalog of the digital age.