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Pinterest wins new funding, raising valuation to $5 bln

The social media effect: Retailers continue to be a big beneficiary of Pinterest.
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The social media effect: Retailers continue to be a big beneficiary of Pinterest.

Pinterest has raised a new $200 million round of funding that gives it a valuation of $5 billion, the photo pin-up site said on Thursday.

Read MorePinterest pays off more than Facebook for retail

Pinterest, which allows users to create online bulletin boards based on various themes such as travel, decorating, or sports, said in a statement it would use the capital to invest in technology, develop its advertising program further, and expand internationally.

Pinterest said it raised money from existing investors SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital, and Valiant Capital Partners.

The company last raised money in October 2013 at a $3.8 billion valuation in a round led by Fidelity Investments.

Read MoreRetailers lure Pinterest clickers with design help

News of the funding round was first reported by ReadWrite.

Pinterest said it has raised a total of $764 million so far from the time of inception.

By Reuters

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