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Friday, May 18, 2012

Third position holder Pinterest gets $100M from owner of Kobo Inc.

The Japanese e-commerce firm that bought e-reader company Kobo Inc. is now picking up a major stake in social media site Pinterest.

Tokyo-based Rakuten Inc. will invest US$100 million into the website, which launched in 2010 but has experienced a surge in popularity this year.

Pinterest is a platform that allows users share photos with their friends on a pinboard-style webpage layout. The site also provides a marketplace for its users to sell products.

Rakuten says the investment will allow it to access synergies between Pinterest and its own e-commerce model, which includes websites Buy.com and Play.com.

The company also hopes to expand Pinterest into Japan and its 17 other global markets.

Rakuten acquired all of Toronto-based Kobo for US$315 million in January, including the 51-per cent stake owned by Indigo Books & Music Inc.

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