Big, Big Round of Funding For Ning

This is just a rumor at this point, and I haven’t confirmed it with the company (update: this is now confirmed, see below), but I’m hearing that Ning has closed a very large round of financing, led by Legg Mason – $44 million total on a $170 million pre-money valuation. That puts the current value of Ning at a healthy $214 million.

The company previously raised an undisclosed amount from co-founder Marc Andreessen.

It sounds like things have been going very well for the company since their February relaunch.

Update: Andreessen just confirmed this on his blog.