Who would have thought an online, social scrapbooking site could be worth billions of dollars? Believe it or not, that's the case after a new round of funding netted Pinterest
$200 million to play with, valuing it at $2.5 billion. Not bad for a site that was launch only two years ago.
, which first reported the funding, said the round was led by Valiant Capital Management. Several existing investors also contributed funds, including Andreessen Horowitz, Bessemer Venture Partners, and FirstMark Capital.
Pinterest is approaching 50 million users globally and now has 100 employees. For the time being, the site's rapid growth
has eclipsed concerns that it's not really generating revenue or turning a profit. Nevertheless, it managed to raise significant funding, which will be used to develop new products and services.
"Our focus is on helping millions of people discover things they love and and get inspiration to go do those things in their life. This investment gives us more resources to help that vision," Pinterest CEO Ben Silbermann said in a statement.