TIME

Pinterest Valued at $5 Billion

Pinterest
The logo of mobile app "Pinterest" is displayed on a tablet on Jan. 2, 2014 in Paris. Lionel Bonaventure—AFP/Getty Images

A new round of funding just increased the value of the four-year-old virtual scrapbooking site, which lets people 'pin' pictures and notes to virtual 'boards' in 31 countries, by more than 30 percent since last October when it had received a $3.8 billion valuation

Pinterest announced Thursday that it has secured $200 million in financing, boosting its value to $5 billion.

To date, the virtual scrapbooking site has raised $764 million. The 4-year-old company, which lets people pin pictures and notes to boards in 31 countries, had previously received a $3.8 billion valuation following its last round in October. According to a statement released by the company, the new funds came from existing investors SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital and Valiant Capital Partners.

The site will use the funds to continue developing its recently launched paid advertising and expand its business. “Pinterest has a vision of solving discovery and helping everyone find things they’ll love. This new investment gives us additional resources to realize our vision,” said CEO Ben Silbermann.

Your browser, Internet Explorer 8 or below, is out of date. It has known security flaws and may not display all features of this and other websites.

Learn how to update your browser