Pinterest valued at $3.8 billion after fundraising

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.

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.