* Updated at 3:20 p.m. with confirmation from SV Angel and clarification of what the fund will be used for.
SV Angel has raised $30 million fund to purchase shares of the popular online pinboard social network Pinterest from current investors, SV Angel’s David Lee confirmed to VentureBeat today.
Money from the fund, confirmed in an SEC filing last week, is part of Special Purpose Vehicle that will be used to purchase secondary sales of Pinterest at 2 percent of the startup’s current $1.5 billion valuation, reports TechCrunch, who first reported the news.
The new fund is also independent from the $40 million “SV Angel IV” fund the group raised back in August.
SV Angel, Ron Conway and Lee’s investment firm, has previously invested in Pinterest as well as many other notable startups, including Square, Twitter, Airbnb, Foursquare, and others.
Money photo via DenisNata/Shutterstock