PINTEREST, the scrapbook-style picture website, has received $100m to fund its global expansion and improve its services.
The company has received further backing from existing investors Andreessen Horowitz, Bessemer Venture Partners, and FirstMark Capital, as well as a number of angel investors.
However, it has also attracted new investment from Tokyo-based Rakuten, one of the world’s largest internet service companies.
Ben Silbermann, co-founder and chief executive officer of Pinterest, said the funding would make it easier for the company to achieve its goals.
“Our goal is to help people discover things they love, by connecting people through their shared interests,” Silbermann said.
“Bringing Rakuten on board gives us an amazing opportunity to move a step closer to this goal.”
Alongside, the funding deal the two businesses will work together to help Pinterest expand across Japan and several other major markets.
Hiroshi Mikitani, chief executive officer of Rakuten, said he felt there were significant similarities between the two company’s approaches and this would help them to work together effectively.
“While some may see e-commerce as a straightforward vending machine-like experience, we believe it is a living process where both retailers and consumers can communicate, discover, and curate to make the experience more entertaining,” Mikitani said.
“We see tremendous synergies between Pinterest’s vision and Rakuten’s model for e-commerce.
“Rakuten looks forward to introducing Pinterest to the Japanese market as well as other markets around the world.”
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