Mediaboss Marketing

24 October 2013 Last updated at 05:32 ET

Social networking site Pinterest has seen its value jump by more than 50% to $3.8bn (2.3bn) following its latest round of fundraising.

The three-year old company, which has yet to generate revenue, said it had raised $225m from a group of investors led by Fidelity Investments.

Earlier this year it had raised $200m, valuing the firm at $2.5bn.

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

"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."

The San Francisco-based company is also looking at ways of monetising its service. Earlier this month the firm started testing the use of 'promoted pins' as a possible form of advertising.

Pinterest has secured its latest round of financing amid renewed demand for fast-growing interest companies.

Micro-blogging site Twitter, for example, is looking to raise about $1bn through a share offering later this year.

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Tech site Pinterest valued at $3.8bn