Dive summary:
- This year, Pinterest has acquired $200 million in new funding, bringing its valuation up to $2.5 billion.
- Although the platform has no formal revenue stream yet, the new funding provides a cushion for Pinterest to avoid selling itself off to a larger company and allows Pinterestto focus on development of new technology and features around discovering and hiring engineering, design and business talent.
- Valiant Capital Management led the funding round that also included Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital.
From the article:
"Pinterest made its first acquisition last month when it snagged recipe site Punchfork in a talent-and-technology deal. Punchfork's technology could lay the groundwork for a long-awaited Pinterest API that would enable developers to build tools on top of the social platform."
