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Pinterest to seek $500 million: WSJ

Source: Pinterest | Flickr

Digital scrapbook Pinterest is reportedly looking to raise $500 million in funding, in a move that would value the website at a whopping $11 billion, according to the Wall Street Journal.

The report was published late on Wednesday with no official confirmation from Pinterest.

Last year, the pin-up site which enables users to share online bulletin boards said it was valued at $5 billion after raising $200 million in funding.

A representative for Pinterest told CNBC that the company does not comment on speculation or rumor.

The company is expected to announce a new feature this year that will allow users to , putting it in direct competition with other e-commerce players.

This week, the company's head of partnerships, Joanne Bradford, told CNBC that more businesses are engaging with the company's new feature "Promoted Pins," an advertising program that allows companies to feature their pins on the site.

Read the full report here.