Pinterest gets $30 mn investment from SV Angel: report

Venture Capital firm, SV Angel is all set to invest $30 million in the popular photo-sharing site, Pinterest, reports TechCrunch.

The website states that the fund was raised by a Special Purpose Vehicle (SPV) for SV Angel and is reserved to buy secondary shares in Pinterest. TechCrunch confirmed the news with SV Angel co-founder David Lee as well. While private equity does not have a public market to buy and sell their investments in, they are increasingly taking advantage of a growing secondary market of investors who want private equity exposure.

A screengrab of Pinterest.[/caption]

Previously Rakuten, the Japanese e-commerce had invested nearly $1.5 bn in Pinterest, at a $1.5 billion evaluation. SV Angel's investment is also at the same evaluation, adds the TechCrunch report.

Pinterest has been one of the biggest growing social media sites for the year 2012. According to a comScore Pinterest was among the top 50 websites in the US for September 2012 and is showing a growth in their traffic.

More from News Analysis