Pinterest, the US-based social media network backed by e-commerce company Rakuten, has raised a $186m second tranche for its series G round, closing it at $553m, Re/code reported on Friday.
Wellington Management Company and Goldman Sachs both invested in the round, as did existing investors Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital, SV Angel, Valiant Capital Management and Fidelity Investments.
A regulatory filing in March this year revealed that Pinterest had raised $367m in a round that could go as high as $577.9m.
The company is now valued at $11bn, and has granted employees the option to sell an undisclosed, limited amount of their stock to unnamed investors at that valuation.
Pinterest’s platform functions like a digital scrapbook, enabling users to collect images from across the web on virtual boards that can be organised into interests such as recipes or interior design, while also browsing other people’s boards.
The company has now secured more than $1.1bn in funding, including a $100m round in 2012 featuring Rakuten, Andreessen Horowitz, FirstMark and Bessemer. Its past investors also include SV Angel, Slow Ventures and several angel investors.