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| Social scrapbooking site Pinterest valued at $3.8bn | Social scrapbooking site Pinterest valued at $3.8bn |
| (35 minutes later) | |
| Social networking site Pinterest has seen its value jump by more than 50% to $3.8bn (£2.3bn) following its latest round of fundraising. | 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. | The three-year old company, which is a virtual scrapbook, said it had raised $225m from a group of investors led by Fidelity Investments. |
| Earlier this year it had raised $200m, valuing the firm at $2.5bn. | 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. | 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. | "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." | "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. | 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. |