Social media is something most of us are using. Pinterest is quickly becoming the new ‘fad’ of social media, as it allows you to ‘pin’ your favourite pictures and collections to an on-line pin board.

Move over, Facebook. Pinterest, the social site that lets people “pin” pictures and content to create collections of interest, has become the latest company to be valued at more than $1bn (£630m), following a $100m round of funding.

While estimates of the effective valuation implied by the investment vary between $1bn and $1.5bn, they highlight the fact that Pinterest has already discovered a business model in which it collects an “affiliate” payment on purchases people make via the site.

The new valuation is at least a fivefold leap in value since October 2011, when a previous financing round put it at $200m.

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