Venture capital-backed Scrapbook website Pinterest is reportedly stepping up its efforts to convert its booming web traffic into cash.
According to the Wall Street Journal the website, whose traffic increased fivefold in 2012, is looking to raise more money at a valuation of between $2bn and $2.5bn.
The company has also boosted its headcount to more than 100 from only 20.
Talks are said to be ongoing and a deal is yet to be reached.
Pinterest has so far raised $140m including the latest round of fundraising, which was led by Japan’s Rakuten and netted $100m in May last year, valuing the business at $1.5bn, representing a massive discount to what Pinterest is reportedly asking now.
Venture capital investors Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital and several angel investors also joined in the financing round.
Despite Facebook’s conspicuous share price tumble, investor interest remains keen for Pinterest.
According to the report, Pinterest plans to add data analytics tools to the site to help businesses track the behaviour of its users and offer verified business accounts to businesses as part of its effort to boost its appeal to advertisers.
Copyright © 2013 AltAssets