Michael Arrington at TechCrunch reported Ning has just closed a major round of financing for $44 million on a $170 million pre-money valuation.

The financing round was led by Legg Mason and puts Ning at a current value of $214 million. Prior to this, Ning raised an undisclosed amount from co-founded Marc Andreessen.

Ning is an online service that enables users to build their own social networking sites. It orchestrated a site relaunch in February.