Digital magazine app Flipboard might be raising slightly more than the $50 million funding amount that we first heard rumors about back in September.
Apparently, the startup is in the process of closing another $50 million in funding as a continuation of that initial $50 million, according to a Fortune report that cites unnamed sources familiar with the deal. The initial $50 million funding rumor put Flipboard’s valuation at around $800,000, according to previous reports.
If true, the new funding would make Flipboard one of the best funded news-aggregating digital magazine services — with $160 million. The company’s service currently competes with a handful of competitors, including Zite, Pulse News, News360, and more. But one thing Flipboard does have that others trail behind is traction. Flipboard currently has 85 million monthly readers, and it recently launched a new catalog feature.
As for the funding, the new $50 million portion of this follow-on round is being led by Rizvi Traverse Management, according to Fortune’s sources. Others reportedly participating include Goldman Sachs, Index Ventures, Insight Venture Partners, and Kleiner Perkins Caufield & Byers.
We’re reaching out to Flipboard for confirmation about the new funding and will update this post with any new information.