A portrait of the Pinterest logo in Ventura, California, Dec. 21, 2013. Reuters/Eric Thayer

The social media and discovery site Pinterest is reportedly in talks to raise $500 million in a round of funding over the next few weeks that will more than double its valuation to $11 billion, The Wall Street Journal reported, citing people familiar with the matter. During its previous round of fundraising last May, the company was reportedly valued at $5 billion.

The new funds will help the company as it continues to grow its user base. Between 2012 and 2014, Pinterest’s user base grew by 13 percent, according a report by the Pew Research Center. Another study from Pew found that the company’s demographics are diversifying, with the predominantly female platform attracting an additional 5 percent of men between 2013 and 2014.

As of now, it is unclear when the fresh round of funding will be held and whether it would involve new investors, the Journal reported.

The company has also grown significantly in terms of overall unique visitors, reaching an all-time high of nearly 76 million in January 2015, up 37 percent from the same time last year, the Journal reported. However, these numbers do not reflect the number of users Pinterest has, which it does not disclose.

The company recently announced it will start rolling out “promoted pins,” which is content sponsored by large brands such as Target, Unilever and Procter & Gamble. "We've got really big hopes and a great vision," Joanne Bradford, the head of partnerships at Pinterest, told CNBC in October. "There are three things the consumer does on Pinterest -- they discover, save and then they do."

Pinterest also signed a lease for more office space in its San Francisco location last year to accommodate a growing number of employees. The company currently employs over 500 people.