Pinterest has raised $150 million in a new round of funding. The new deal values Pinterest at $12.3 billion, according to a company spokesperson, up from a valuation of $11 billion when it last raised funding two years ago.
The round came from Pinterest’s existing investors, but the company is not saying which ones. Bloomberg first reported the news.
Pinterest says it plans to use the money to help build its new visual search technology, which lets users employ images instead of keywords to find things on the service. The money will also be used to help grow its user base outside the United States.
Around 40 percent of Pinterest’s users are in the U.S.
Pinterest has raised well over $1 billion since it was founded seven years ago. The company’s business is finally starting to pick up; it expects to make more than $500 million in revenue this year, a 66 percent jump over last year, and more than Snapchat and Twitter made in the years before their respective IPOs.
This article originally appeared on Recode.net.