Feeds

Pinterest valued at $1.5 BILLION, bags $100m in funding

Next stop: Japan

Secure remote control for conventional and virtual desktops

Cupcake and kitten-laden photo site Pinterest has bagged $100m in funding from a bunch of investors led by Japanese online retailer Rakuten.

Rakuten said today that it was heading up the multimillion-dollar handout with help from existing Pinterest investors Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital as well as some angel investors.

The etailer is also partnering up with Pinterest to help it expand in Japan and other markets.

"While some may see e-commerce as a straightforward vending machine-like experience, we believe it is a living process where both retailers and consumers can communicate, discover, and curate to make the experience more entertaining," Hiroshi Mikitani, CEO of Rakuten, gushed in a canned statement.

"We see tremendous synergies between Pinterest’s vision and Rakuten’s model for e-commerce. Rakuten looks forward to introducing Pinterest to the Japanese market as well as other markets around the world."

According to the Wall Street Journal, the financing round of $100m gives Pinterest a value of $1.5bn. In the last funding round last year, the company was valued at $200m.

Pinterest is another one of the many new web properties that seem to be popular but haven't actually made any money yet. That hasn't stopped investors of various types pouring in the cash in the hopes that these sites can find a way to monetise their popularity.

According to webby beancounters Alexa*, Pinterest is the 36th most popular site in the world and is ranked 16th in the US.

The site consists of people "pinning" photos of stuff they're interested in or like, which other people can peruse for free. One imagines the only way to make money out of this would be the traditional routes of sticking advertising on the site and/or going subscription, but the company has not made it very clear which of these routes it might go down or if it's had some other brainwave about how to turn its success into cold, hard cash without putting people off.

Nevertheless, Rakuten is a big buddy to have onside: the company has a billion-dollar turnover and has been expanding its retail empire, snapping up the UK's Play.com last year for $39.3m. ®

Bootnote

* Alexa has used a small sample here, because it only counts folks who have the Alexa toolbar on their web browser, but its rankings are based on the last month of average daily visitors and pageviews.

The essential guide to IT transformation

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?