Pinterest, which develops visual search technology and allows users to save images on its website, has raised $150 million from existing investors in its latest round of funding valuing the company at $12.3 billion, a company spokeswoman said on Tuesday.
The latest funding round has increased the company’s valuation from $11 billion when Pinterest raised $367 million in March 2015.
Pinterest, which was founded in 2010, introduced a new search tool in early February called Lens to boost its advertising revenue. Lens helps users to discover ideas inspired by objects in the real world that are detected through a device camera.
The additional capital will be used for further investments in visual technology and global expansion, the spokeswoman said in a statement over email.
The San Francisco-based company has 175 million monthly users collecting and pinning photos related to cooking, designing,travel and other interests on its website. About 60% of Pinterest’s user base is outside the United States.