SOCIAL NETWORK Pinterest was valued at $3.8bn on Wednesday, dispelling thoughts that it isn't very popular.
We admit, we are not users of Pinterest - a pinboard style social networking website that lets users create theme based albums of pictures they like - and we didn't think many people were.
However, the social network revealed on Wednesday that it raised $225m from a group of investors led by Fidelity Investments, news that saw the value of the company leap 50 percent to $3.8bn. It also announced that it has 46 million registered users.
The website said it plans to use the cash to develop its mobile plans, all but confirming that new iOS and Android apps are in the works. Pinterest CEO Ben Silbermann said, "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.
"This new investment enables us to pursue that goal even more aggressively," he added.
The firm is also looking at more ways to monetise its service. In September the social network announced that it was planning to bring advertising to the website.
Silbermann said at the time, "It's so important that Pinterest is a service that will be here to stay. To help make sure it does, we're going to start experimenting with promoting certain pins from a select group of businesses.
"We'll always let you know if someone paid for what you see, or where you see it," he added. "These pins should be about stuff you're actually interested in, like a delicious recipe, or a jacket that's your style."
Pinterest's revised valuation sees the firm catching up somewhat with microblogging website Twitter, which was recently valued at $10bn. µ
Tags: Social Media
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