Social pinning site Pinterest has raised $150 million more in venture capital at the same price per share as its previous funding round in 2015, according to a new report from Bloomberg.
The flat price of Pinterest’s shares shows that investors aren’t willing to mark up the value of the company, even though it has had two years to prove its additional value. Bloomberg also reported that the last round valued Pinterest at $11 billion but because there are more shares available in this round, the company’s valuation jumped to $12.3 billion.
This latest funding, which was raised from existing investors, brings the company’s total funding to over $1 billion. Previous investors in Pinterest include Andreessen Horowitz, Fidelity, and Bessemer Venture Partners, although it’s unclear which of them agreed to invest again.
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Pinterest, whose service is best known as a virtual pin-up board for collecting images of home decor, recipes, and travel destinations, makes money primarily through online and mobile ads, similar to fellow social media companies Facebook and Twitter. However, Pinterest’s ad business is relatively small compared to Facebook.
Pinterest forecasts more than $500 million in ad revenue this year from its 175 million monthly users. Meanwhile, Facebook had $27 billion in ad revenue in 2016.
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Bloomberg also noted that Pinterest chose to raise funds instead of taking the company public, possibly signaling that the company is not yet ready to face the demands of Wall Street.
Pinterest said the new capital will be used to boost its visual search technology, which lets users take photos of items and then immediately search for and potentially buy those items on Pinterest. The new funds will also be used for additional international expansion, the company said.
