Pinterest raised $150 million from existing backers to be used for investments in visual technology and global expansion, Reuters reported.
The funding round bumped up the content discovery and recommendation company’s valuation to $12.3 billion from $11 billion in March 2015 when it raised $367 million.
In February, Pinterest unveiled three visual discovery tools including Lens, a service in the beta stage, which lets iOS and Android users point their cameras at something in the real world which strikes their fancy and see related styles.
The company could use the latest funding to make further acquisitions like its purchase in March of Jelly Industries, a company describing itself as a human powered search engine because it pairs people asking questions with experts who can provide answers.
Pinterest’s monthly user based stands at 175 million, around 60 per cent of which are outside the US, its home market. In 2016, the company reportedly estimated it would make $300 million in revenue, triple the amount it made in 2015.