Pinterest has raised $150 million in venture funding at the company’s 2015 share price, pushing its valuation to $12.3 billion.
The investment came from a group of undisclosed existing investors.
The company said its new valuation is due to the number of shares it has grown since its last funding round in April 2015.
With this capital, Pinterest is choosing to delay a potential initial public offering as its business model matures, Bloomberg reports.
The company will use the new investment to help build new visual search technology, allowing shoppers to use images instead of keywords to find items similar to images they see on the site. The new funding will also be used to help the company grow its international user base.