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Pinterest valued at $3.8 billion after fundraising

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Pinterest website has seen its value jump by more than 50% to $3.8 billion following its latest round of fundraising.

The three-year old social networking site, which is a virtual scrapbook, said it had raised $225 million from a group of investors led by Fidelity Investments.

Earlier this year it had raised $200 million, valuing the company at $2.5 billion.

Pinterest said it plans to use the new funds to further expand internationally and develop its mobile services.

Pinterest value jumped by more than 50 percent to $3.8 billion following its latest round of fundraising

Pinterest value jumped by more than 50 percent to $3.8 billion following its latest round of fundraising

It is also looking at ways of monetizing 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 company 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.

Pinterest aims to be operating in 10 more countries by the end of the year.