Pinterest Valued At $1.5 Billion After $100 Million VC Round
Rakuten is the largest e-commerce website in Japan and was the lead investor in a $100 million round of funding in Pinterest. Pinterest is now valued at $1.5 billion. Previous investors in Pinterest include several angel investors, Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital.
Before this round of funding, Pinterest was valued at $200 million as of October. They had raised slightly under $40 million up until this round.
Pinterest CEO Ben Silbermann was concerned about the company’s global growth and fighting off international clones. They were looking for a partner that they could work with closely and Rakuten ended up being a great fit.
“Ben did not want anymore VCs,” said a source with AllThingsD. “He wanted an investor that moved the company forward.”
Rakuten was founded in 1997 and hit $4.7 billion in 2011 revenues. Rakuten CEO Hiroshi “Mickey” Mikitani is one of the richest men in Japan and has been described as “Richard Branson meets Michael Dell.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry