Tech: Pinterest raises $150 million at 2015 share price and $12 billion valuation

Pinterest has raised $150 million in funding at a $12.3 billion valuation, the company said on Tuesday.

Pinterest has raised $150 million in funding from existing investors at a $12.3 billion valuation, the company said on Tuesday.

The round was based on Pinterest's share price from two years ago and brings its valuation up slightly from $11 billion in April 2015.

Choosing to raise more money now could delay Pinterest's eventual initial public offering, which the app maker has said isn't coming soon.

A Pinterest spokesperson said the company plans to use its latest round of funding to invest in its visual search technology and user growth. Its recently announced "Lens" feature can recognize objects like a pair of sneakers through a phone's camera and show related photos.

Pinterest reportedly expects to make $500 million in ad revenue this year, up 67% from $300 million in 2016. The company recently started rolling out its first major ad campaign in the US to educate people on how to use its service.

"One goal is to make the product experience great outside of the US, and the second is to continue building a sustainable revenue model that will let the company keep investing and building out a catalog of ideas," CEO Ben Silbermann told Business Insider last year.

The Pinterest app has 175 million users, the majority of which are women and outside of the US.

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Pinterest has raised $150 million in funding at a $12.3 billion valuation, the company said on Tuesday. Read Full Story