Pinterest Valuation Hits $11 Billion With Massive New Funding

Pinterest, the digital scrapbook and photo discovery service, has raised nearly $367 million in venture funding, according to a document filed Monday with the Securities and Exchange Commission.

The new round values the company at $11 billion, according to a spokesperson. The round includes 15 investors — both new and existing — and Pinterest* may raise an additional $210 million before the round officially closes.

Though 40 percent of the platform’s users are already outside the U.S., the company plans to use the money to fuel its international growth. It’s possible that the money may also be used to help grow Pinterest’s e-commerce initiatives. The company is working on a “buy” button, and recent changes to it’s referral links structure seem to hint that commerce may be on the horizon.

Pinterest also raised $200 million last May, and has now taken over $1 billion in capital.

*Pinterest executive Joanne Bradford is an independent board member of Re/code’s parent company Revere Digital and has no involvement in our editorial process.

This article originally appeared on Recode.net.

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