SAN DIEGO(TheStreet) -- Pinterest said Monday that it has raised $367 million in venture capital from a combination of 15 new and previous investors, valuing the company at a whopping $11 billion.
The company could raise as much as $211 million more in financing for a total of $578 million. The company disclosed its plans to raise more than half a billion dollars in a Form D filed Monday with the Securities and Exchange Commission.
Pinterest, a social network for saving, or "pinning," inspirational or aspirational images to digital pin-boards, has secured the valuation through the fundraise, a spokesperson said. The round had been rumored prior to Monday's reveal.
The five-year-old service, which was previously valued at $5 billion, attracts more than 70 million people to its network every month, according to comScore (SCOR) - Get Report. The service has a reputation for being extremely popular with women, and caters to collectors of all types, whether they be fashionistas looking for inspiration for their next outfit, do-it-yourselfers in search of artistic projects or gym rats on the hunt for a great workout.
San Francisco-based Pinterest's U.S. user base will reach 47.1 million this year, up 11.4% from last year, digital analytics firm eMarketer forecasts. Slightly more than one-quarter of social network users and 18.1% of all Internet users will use Pinterest on a monthly basis, the firm said.
"Pinterest will use the additional capital for corporate purposes, including to fuel international expansion," the spokesperson said. "In 2014, international users grew more than 135%. Today, they are more than 40% of all users, up from just 28% in 2013."
Pinterest is also slowly but surely getting serious about turning its popular web and mobile product into a money-making business. The company has ramped up on advertisements in the form of "Promoted Pins," which mirror the look of pins from users, after spending 2014 testing the units with a limited number of advertisers. Earlier this year, Pinterest said it would put ads in user's home feed -- the first place people land when they open the app -- in addition to showing them in search results and category-specific pages.