New funding takes Pinterest valuation to $2.5 billion

Social network Pinterest has amassed a fresh $200 million (£132 million) round of funding which brings its valuation up to $2.5 billion (£1.65 billion), the company has revealed.

Pinterest said the new capital would be used to build new features, strengthen its infrastructure and make "strategic acquisitions of both talent and technology.”

The funding was led by long-short hedge fund Valiant, with existing investors Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital also contributing.

Despite its relative lack of notoriety in the UK, Pinterest is one of the fastest growing social networks in the world. The site, where members make largely image-based posts relating to hobbies and interests, now has over 48.7 million users globally according to analytics firm comScore.

Following the investment, Pinterest CEO Ben Silbermann said, “Our focus is on helping millions of people discover things they love and get inspiration to go do those things in their life. This investment gives us more resources to help realize that vision.”