Social scrapbooking site Pinterest valued at $3.8bn

Social scrapbooking site Pinterest valued at $3.8bn

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Social networking site Pinterest has seen its value jump by more than 50% to $3.8bn (£2.3bn) following its latest round of fundraising. The three-year old company, which is a virtual scrapbook, said it had raised $225m from a group of investors led by Fidelity Investments, reports the BBC. Earlier this year it had raised $200m, valuing the firm at $2.5bn. Pinterest said it plans to use the new funds to further expand internationally and develop its mobile services. It is also looking at ways of monetising its service, which has yet to generate any revenue. “We hope to be a service that everyone uses to inspire their future, whether that’s dinner tomorrow night, a vacation next summer, or a dream house someday,” Pinterest co-founder and chief executive Ben Silbermann said in a statement. “This new investment enables us to pursue that goal even more aggressively.” Earlier this month the firm started testing the use of ‘promoted pins’ as a possible form of advertising. The San Francisco-based company recently set up offices in Britain, France and Italy. It aims to be operating in 10 more countries by the end of the year. – UNB

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