Pinterest lands $100M investment led by Japanese e-commerce giant

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Pinterest lands $100M investment led by Japanese e-commerce giant
Pinterest lands $100M investment led by Japanese e-commerce giant

Rakuten, Inc., a Japanese conglomerate of Internet services that includes e-commerce giant E-Commerce Marketplace, has led a $100 million investment in social media pinboard site Pinterest, said Mike Jaconi, CEO of Rakuten's loyalty software program FreeCause and executive officer at Rakuten. With this financing, Pinterest is now valued at $1.5 billion.

Jaconi described the partnership with Pinterest as an aggressive global investment for Rakuten. He declined to speak on behalf of Pinterest when asked if this investment would influence social network toward developing e-commerce-related features and functions.

However, Jaconi speculated on the strategic advantages for both Pinterest and Rakuten.  “Pinterest's objective in this partnership as I see it is partly to build its service worldwide, starting with the Japanese market,” Jaconi said.  “Pinterest recognizes Rakuten as a global internet player and they want to leverage some of the skill set in the growing business world.”  Rakuten has 77 million members in Japan according to Jaconi, adding that the company aims to become the top global internet service company.  

 “We want to continue investing in technology that is as innovative as Pinterest,” Jaconi stated when asked if he saw possible alliances with other social media icons like Facebook and Twitter. “If we need to buy and invest to bring us closer to that source of innovation, we will.“

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