Magazine-style app, Flipboard, which has more than 70 million monthly active users, has filed for another $50 million series D funding round. But, it appears that money has already been raised. “This is new money. If this is filed, then the money should be there,” said Justin Byers of private market data provider VC Experts. Documents filed by the company in Delaware — dug up by Justin Byers from VC Experts – provides more details.
Update: Flipboard has now confirmed that it has raised $50 million in Series D round to build out the product and team. However, the company didn’t provide the valuation for this round.
Flipboard is a social magazine that gives people option to track news and events around the world on a single platform and then collects stories, images and videos into their own Flipboard magazine. Flipboard allows users to express their interests and catalogs subjects they want to read later. Till now, the firm has secured a total capital of $160.5 million in 4 rounds from 17 investors viz $10.5M series A funding in 2010, $50M series B in 2011, and $100M in series C round in 2013.
Twitter has had talks to buy Flipboard in an all-stock deal that values the company at $1 billion. The speculations around this acquisition have been going on since the beginning of this year, but it appears the deal is still in progress.
In its latest investment round, the feed reader app was valued at $800 million with $50 million in revenue. Also, it acquired its rival Zite from CNN in March 2014, which is known for news personalisation. Flipboard later integrated Zite’s technology into its own app.