Pinterest has raised $150 million in funding from existing investors at a $12.3 billion valuation, the company said on Tuesday.
Choosing to raise more money now could delay Pinterest's eventual initial public offering. The private company had previously raised about $1.3 billion in funding to date.
A Pinterest spokesperson said the company plans to use this latest round to invest in its visual search technology and user growth. Its recently-announced "Lens" feature can recognize objects like a pair of sneakers through a phone's camera and show related photos.
Pinterest reportedly expects to make $500 million in ad revenue this year, up 67% from $300 million in 2016. The company recently started rolling out its first major ad campaign in the US to educate people on how to use its service.
"One goal is to make the product experience great outside of the US, and the second is to continue building a sustainable revenue model that will let the company keep investing and building out a catalog of ideas," CEO Ben Silbermann told Business Insider last year.
This post originally appeared on Business Insider.