SAN JOSE — For Pinterest’s most recent fundraising round, which valued the online scrapbooking company with virtually no revenue at $5 billion, it turned to Orrick, Herrington & Sutcliffe for legal counsel.
Pinterest confirmed Thursday that it had raised a series F round of $200 million from existing investors SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital and Valiant Capital Partners. Just six months ago, the site raised $225 million at a $3.8 billion valuation, a transaction Orrick also pitched in on.
Pinterest is one among many later-stage companies raising dizzying amounts of cash, which has led some to speculate whether companies are grabbing at funds ahead of a possible market crash.
Last month, Airbnb took on funding at a $10 billion valuation, and earlier this year Dropbox reached the $10 billion club. As news of Pinterest’s raise broke, reports emerged that Uber, too, was chasing a $10 billion valuation.
The Orrick team advising Pinterest included partners Stephen Venuto and Anik Guha and associate Owen Kirshner. The company plans to use its new war chest to fund international expansion and develop new tools, such as search, that may put it on a path to profitability.
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