Earlier this month, Search Engine Journal reported that Pinterest was seeking a fresh infusion of cash after a phenomenal year of growth. Yesterday the virtual pin board company confirmed that it had secured $200 million in new funding and has now been valued at $2.5 billion. “Our focus is on helping millions of people discover things they love,” said Pinterest Chief Executive Ben Silbermann in a statement. “This investment gives us more resources to help realize that vision.”
According to CNet, a company spokesperson said that Pinterest plans to use the new money to continue development on technology and features, recruit talent, expand internationally, invest in its infrastructure, and make “strategic acquisitions of both talent and technology.”
This should be great news for businesses using Pinterest to reach their customers. The investment should bring more tools to track user activity and quantify business return on investment. Look for opportunities to advertise or pay to promote visual content in the near feature. I hope that they will develop the power tools that businesses will want to pay a premium for.
Image Credit: Pinterest