Online DIY marketplace Etsy announced Wednesday that it has raised $40 million in Series F funding from Index Ventures, Accel Partners, Union Square Ventures, Hubert Burda Media and Glynn Partners.

The company, which has been profitable since 2009 and currently has over 300 employees, has already raised $51 million in capital to date. This latest round of funding, said CEO Chad Dickerson in a blog post, will not be about covering operations costs, but about financing growth, particularly overseas.

Etsy has been limbering up for expansion ever since Mr. Dickerson was brought on as chief technology officer in 2008. Mr. Dickerson, who headed efforts to streamline and improve seller experience within the site in his role as CTO, was named CEO last July when founder Rob Kalin stepped down.

As the economic downturn led many more hobbyists to turn to their crafting as a secondary – or in some cases, primary – source of income, Etsy has grown in both usership and functionality. The site, which receives approximately 40 million unique visitors per month, is currently hosting 875,000 sellers and 15 million users worldwide, who between them generated over $525 million in sales in 2011.

To support the growing community – and the revenue it generates – in the last year, the company has introduced additions that include an iPhone app, direct checkout, German and French versions of the e-commerce site, and tools enabling sellers to advertise their wares. In addition, last September, the company joined forces with accounting service Outright and recently acquired artisanal goods wholesaler Trunkt. Etsy also held its first conference last September, Hello Etsy, in Berlin to discuss sustainability and small business-related issues. The company also announced that it had secured B Corporation status – a certification bestowed upon demonstrably mission-driven companies such as one-for-one eyeglass company Warby Parker and environmentally friendly cleaning supplies company Seventh Generation.