Feeds

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

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

Top 5 reasons to deploy VMware with Tegile

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. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
Simplify SSL certificate management across the enterprise
Simple steps to take control of SSL across the enterprise, and recommendations for a management platform for full visibility and single-point of control for these Certificates.