Social media site Pinterest is set to raise an amount of 120 million dollars. The company is said to have announced the news to the public last week. This is the third round of investment for the social media company that has attracted a lot of buzz from the indystry since its launch in March 2010.
This new investment is said to be coming from the biggest Japanese e-commerce site Rakuten Inc. and existing investors including Andreessen Horowitz, FirstMark Capital and Bessemer Venture Partners.
Pinterest had 104 million visitors in March 2012, making it the third most visited social media website in the world after Facebook and Twitter. According to comScore, Pinterest is one of the fastest growing online companies it has tracked.
Pinterest is similar to Tumblr and combines quality content with very good images, which gives an attractive look and feel. Content from sites around the Web are “pinned” to what they call a “virtual cork board”. These content are categorized into architecture, art, design, holidays, travel and places, technology etc.
Pinterest uses the concept of tweeting and retweeting used by Twitter in the form of pinning or repinning. Content pinned or repinned appears on boards of the user. Pinterest also uses the “like” concept of Facebook plus users can leave comments on a content.
It is indeed a great tool for SMEs for marketing. I tried my hands on the website by pinning content from xerox dealer under the technology category.
Pinterest now has over 20 million users.