• World

Pinterest Valued at $5 Billion

1 minute read

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.

More Must-Reads from TIME

Contact us at letters@time.com