You might have heard rumors that Pinterest is eyeing a $500 million funding round, which could bring its valuation up to $11 billion. It’s also a top IPO candidate.
The success of this growing social network — and its worth — might matter a lot for a small Arlington-based startup.
“Pinterest has grown by leaps and bounds,” said Dave Weinberg, the CEO and cofounder of loop88, formerly known as Pinbooster. “We’re growing alongside it.”
loop88 is a marketing platform for Pinterest.
Since launching in March 2012, it has developed a network of influencers on the site, who can disseminate native content to targeted audiences. “Depending on what the brand is working on,” said Weinberg, “we’re able to match them perfectly.”
In the first six weeks of 2015, loop88 brought in twice as much revenue as all of last year. As we reported last week, SEC filings indicate the company has raised $200,000. There is more to come in the coming months, Weinberg said.
The investment will be led by CIT Gap Funds, and additional investors will include local VC Mark Walsh and Michael Kassan, the CEO of MediaLink.
The company now plans to add on four employees to its full-time staff of six, Weinberg said.
“We took a big bet,” he said. That bet was on Pinterest — and it looks to be paying off nicely.
It’s not the only startup who saw opportunity in the pinning platform. Philadelphia-based visual analytics firm Curalate got its start with Pinterest and has since diversified its offerings to other social media platforms.