Updated with confirmation of the deal at 3:56 p.m. Pacific.

Pinterest has brought in a fat new wad of cash as it slowly gets into a position to bring in ad revenue.

The social network for “pinning” pictures, videos, and other media raised $200 million in venture funding, according to a report today from ReadWrite that Pinterest later confirmed.

The company now carries a $5 billion valuation, according to a statement a spokesman emailed to VentureBeat.

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The new money comes from previous investors: Andreessen Horowitz, Bessemer Venture Partners, Fidelity, FirstMark Capital, SV Angel, and Valiant Capital Partners.

The company announced a $225 million round in October at a $3.8 billion valuation. To date, Pinterest has raised $764 million.

The social-media company is just starting to sell ads through its promoted pins. Surely, investors would like to not only see this step but see it flourish. And, in fact, the new money will help finance further development of this new advertising program “into a global platform for businesses of all sizes,” according to the email.

Meanwhile, Pinterest continues to iterate on product design and add features like an interests page, guided searching, and place pins.

“Pinterest has a vision of solving discovery and helping everyone find things they’ll love,” cofounder and chief executive Ben Silbermann said in a canned statement. “This new investment gives us additional resources to realize our vision.”

The new round means Pinterest won’t have to worry about a less than ideal initial public offering. The company has been in a position to go public for months despite its slowness in generating revenue.

VentureBeat writer Kia Kokalitcheva contributed to this report.

More information:

Pinterest is a social networking site with a visually-pleasing “virtual pinboard” interface. Users collect photos and link to products they love, creating their own pinboards and following the pinboards of other people whom they fi... read more »

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