Pinterest has raised $367 million in a new round of funding that more than doubles the website’s valuation to $11 billion.
The latest funding round, revealed Monday, lifts the social bookmarking service’s valuation from from $5 billion, according to The Wall Street Journal, moving the company even higher up the list of tech industry “unicorns” — startups valued higher than $1 billion. What’s more, Pinterest said in its regulatory filing that it also plans to raise another $210 million in the current funding round.
The newly-raised funds will go toward international expansion, according to WSJ, which reported last month that Pinterest was seeking funding that would value the company at about $11 billion.
As Fortune has noted, Pinterest is part of a growing group of tech startups with ballooning valuations and a potential prime candidate for a blockbuster IPO at some point this year.
Pinterest reached its previous $5 billion valuation last May, when the company raised nearly $200 million. In total, Pinterest had previously raised $764 million, with most of that funding coming from venture capital firms including Bessemer Venture Partners and Andreessen Horowitz.