Skip to content Skip to sidebar Skip to footer

Pinterest sets IPO price below last valuation

April 8, 2019

Pinterest news has been making the rounds ever since the company confidentially filed for an IPO late last month.

Founded by Ben Silbermann and Evan Sharp, the Pinterest platform allows users to upload, save, sort and manage images—known as pins—and through collections are known as pinboards.

Since launching in 2010, the platofrm has exploded and now has more than 200 million users logging in at least once a month.

Pinterest co-founder has roots in Iowa

Ben Silbermann, co-founder and CEO of Pinterest, grew up in Des Moines and is a graduate of Des Moines’ Roosevelt High School.

After graduating from Roosevelt, Silbermann attended the Research Science Institute at MIT. He then graduated from Yale College in the spring of 2003 with a degree in political science.

Prior to co-founding Pinterest, Silbermann worked as a Product Consultant at Google.

Pinterest sets IPO Price below valuation

In an updated filing with the Securities and Exchange Commission, the company revealed its plans to sell 75 million shares for between $15 and $17 in its upcoming initial public offering. That puts the company’s valuation at between $10 and $11.3 billion, reports The New York Times.

The number, though, is lower than the $12.3 billion Pinterest was valued at during its last venture capital funding round in June of 2017.

Tags: Pinterest

1 Comment

Ben Milne

Posted April 8, 2019 at 11:04 pm

A DSM Roosevelt grad is taking a company public! Why this article is highlighting valuation is beyond me. Has anyone in his age range from this city ever come close to this type of tech outcome in last 20 years?

0Likes

Comments are closed.

Pinterest sets IPO price below last valuation | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

This Pop-up Is Included in the Theme

Best Choice for Creatives