Internet, Investments, News

Flipboard raises USD 50 million, now valued at USD 800 million

flipboardSilicon Valley based digital Social magazine Flipboard, that aggregates web links from social circle, like Twitter and Facebook, and displays the content in magazine form, has reportedly raised USD 50 million in a new funding round led by Rizvi Traverse Management, Goldman Sachs, current investors including venture firms Kleiner Perkins and Index Ventures, and Insight Venture Partners.

Though there has been no update by Flipboard regarding the funding, but as per the reports, with the new funding Flipboard is now valued at USD 800 million.

The latest funding round will take total funds raised by Flipboard to USD 110.5 million, prior to this round it had raised USD 60.5 Million in funding, which also includes USD 50 million round in 2011 which it raised at valuation of USD 200 million.

Flipboard is headed by Mike McCue, former CEO of Tellme, and Evan Doll, former Senior iPhone Engineer at Apple. It is more than just an RSS reader that allows people to read news, blogs, and other articles, as it also curates content from various social media sites like Twitter Facebook, Instagram and presents them in the form of a digital magazine including page-turning animations etc.

Recently, it had also launched a feature that allows users and publishers to create their own online magazines of their favorite content and as per the company around three million such magazines have already been created by its users.

Flipboard has a database of more than 2 million magazines and has around 85 million users; the app was originally designed for the iPad,  and was later launched for Android, Windows Phone, iOS devices and also for Desktops.

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