Feeds

Profitless scrapbooking site Pinterest adds over $1bn to its book value

Latest funding round pegs moneyless firm's worth at $3.8bn

Securing Web Applications Made Simple and Scalable

Kittens'n'cupcakes site Pinterest has won another $225m in funding that values the firm at an actually incredible $3.8bn.

Earlier this year, the scrapbooking site got a whopping injection of $200m, which put the profitless firm at a valuation of $2.5bn. That means that a site which has made no money and consists of endless photos of random stuff has managed to increase its value by $1.3bn in just eight months.

"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," top dog Ben Silbermann said in a statement to AllThingsD. "This new investment enables us to pursue that goal even more aggressively."

So far, Pinterest has only had one idea to turn people's obsession with posting pictures of everything, no matter how banal, on the internet and that was only suggested last month. "Promoted pins" are the site's first idea for an advertising product that could actually make some money off its users.

That hasn't stopped investors from showing a keen interest in when the site might decide to make an IPO, however; a prospect that may inch that bit closer if Twitter's market debut proves to be a success. ®

Build a business case: developing custom apps

More from The Register

next story
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
Big Blue Apple: IBM to sell iPads, iPhones to enterprises
iOS/2 gear loaded with apps for big biz ... uh oh BlackBerry
Price cuts, new features coming for Office 365 small biz customers
New plans for companies with up to 300 staff to launch in fall
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.