Pinterest yesterday filed a $578 million equity offering with the Securities and Exchange Commission, $367 million of which has already been sold. The new offering puts the company’s total equity funding at $1.1 billion and places it in the top tier of privately funded startups with a valuation of $11 billion.
Pinterest is now tied for sixth with Flipkart in The Wall Street Journal’s “Billion Dollar Startup Club” behind top dog Xiaomi, the Chinese smartphone maker with a valuation of $46 billion, Uber ($41.2B), Palantir ($15B), Snapchat ($15B), and SpaceX ($12B).
Pinterest’s metamorphosis from an image-posting site to a search engine, fueled by the recent debut of the promoted pin, has put it on the map of brand advertisers and media buyers. Today’s valuation is more than double what it was a year ago.