The deal with the online scrapbook – where users can ‘pin’ their favourite web pages, pictures and video from their travels across the internet – values it at about $1.5bn, a stark increase from its $200m valuation in late 2011.
Existing investors Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital and several angel investors also joined in the financing round.
Pinterest is the latest in a string of social media-based websites to see their valuations rocket in the wake of demand for Facebook’s impending IPO, which is expected tomorrow.
Facebook itself has taken part in boosting the trend towards price hikes by paying $1bn for photo-sharing app Instagram last month.
Rakuten said Pinterest would use the funding to expand its business into Japan and the 17 other markets the business giant operates in.
A statement said, “We see tremendous synergies between Pinterest’s vision and Rakuten’s model for e-commerce.”
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