Pinterest, a popular photo pin-up site, is in talks to raise $500 million in a round of funding that would more than double its valuation to $11 billion, the Wall Street Journal reported, citing people familiar with the matter.

The company plans to raise the funds in the coming weeks, but it is not clear if any new investor would join the round, the Journal reported.

Pinterest, which allows users to create online bulletin boards based on various themes such as travel, decorating, or sports, was unavailable for comment outside regular business hours.

The new funding would value the company at more than twice the $5 billion valuation last May when it raised $200 million.

Pinterest has raised a total of $764 million so far from existing investors SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital, and Valiant Capital Partners.

Reuters