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  • Pinterest raised $10 Million in Series A of Funding over a $40 Million Valuation

    September 19th, 2011 No comments

    Pinterest, the San Francisco based company, has recently announced the end of the first round of funding which has brought the company an amount of $10 million based on a valuation of $40 million. The company functions as a social catalog which allows users to load and share the things they love and to develop a community where they can also discover the things their friends and taste-makers love and share as well. All the digital information you consider to be important to you and to the rest of the world can be uploaded on this platform in order to also be discovered by the rest of the world.

    Business Insider has initially reported the fact that this funding round has left from the basis of a $75+ million valuation, but, afterwards, the news has been amended, announcing that the real value of the valuation has been that of $40 million. This round of funding is considered to be “massive” by all the investors based in Silicon Valley, which have been surprised by the amount of the investment as well. There are also rumors according to which the company has previously managed to raise the amount of $10 million in a first round of funding which took place during the spring and which has been led by Bessemer. The same source who declared this for Business Insider also announced the fact that the company is now focusing upon raising the same amount of money in a series B of funding based on a valuation which is of about $125 million, as one of the sources announces, or even of $200 million, as another source has reported. However, Business Insider draws the attention upon the fact that listening to these rumors is not going to help in any way as it is ridiculous from the point of view of the company to search for funds for a second round of investment at this moment.

    It continues to remain a mystery for everybody why the company would look for raising money so close to their series A of funding. However, it seems that founders Ben Silbermann and Paul Sciarra are really doing it. Their decision may be motivated by the fact that the site is experiencing an impressive growth based especially on the positive effects of the world of mouth from high-profile techies. Everybody seems to be interested in this company and everybody wants to have and share the personal information on the Pinterest profile.

    Despite this growing success, it seems that there have been several investors who have passed entirely on both of the funding rounds due to their concerns related to the fact that the “virtual pinboard” is not a mass market play. Before starting this social sharing site, Pintest has been responsible for the incredible redesign of Myspace.

    Yalies Ben Silbermann, one of the founders of Pinterest, has previously worked as the Product specialist at Google, while Paul sciarro, the other founder of the site, has previously built social applications at Cold Brew and Evan sharp, once of the product designers at Facebook.

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