The virtual bulletin board, Pinterest, has been a much talked about startup that has many addicted users. SV Angel recently decided to buy into the company after raising a $30 million fund. The venture capital firm bought stock from purchase from investors that already held a stake in the firm. SV Angel’s David Lee confirmed the secondary sale of shares for the online pinboard social network to TechCrunch on January 24.
The deal was originally revealed TechCrunch after an SEC filing that showed SV Angle’s intention last week. The money that has been raised will be used as a Special Purpose Vehicle to purchase Pinterest at 2 percent of the current $1.5 billion valuation.
Previously there was a $40 million “SV Angel IV“ fund that was raised in August of 2012. However, this fund is not connected to the new fund which will be used for Pinterst secondary sale.
The investing firm, SV Angel, is led by Ron Conway and David Lee. The group has several high profile investments over the life of the fund including Pinterest, Square, Twitter, Airbnb and Foursquare.
Pinterest has developed a social network that revolves around users pinning images of things that interest them onto a virtual pin-board. The aesthetically pleasing design has been one of the many reasons for the sites rapid growth.
Source: VentureBeat
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