Flipboard nets $50M investment - Mobile World Live

Flipboard nets $50M investment

23 SEP 2013

Media curation app maker Flipboard has secured $50 million in new funding, valuing it at around $800 million, according to AllThingsD.

Flipboard pulls together information from media feeds and social sites and presents it in an easy-to-navigate format. It recently added a feature to allow users to create online magazines of their favourite content.

The Silicon Valley-based company initially launched its app on iOS with Android soon following. A Windows Phone version is thought to be likely in the future.

Mike McCue, a co-founder of Flipboard, recently said the app has 85 million users.

Sources said that the funding round was led by Goldman Sachs and investment fund Rizvi Traverse Management, which has previously put money into Twitter, Facebook and Square.

Existing investors Kleiner Perkins and Index Ventures are also contributing, with Insight Venture Partners increasing its stake in Flipboard.

Flipboard raised $50 million in the middle of 2011, valuing the company at $200 million. This was preceded by an initial funding round of $10.5 million.

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Tim Ferguson

Tim joined Mobile World Live in August 2011 and works across all channels, with a particular focus on apps. He came to the GSMA with five years of tech journalism experience, having started his career as a reporter... More

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