Deals

Flipboard confirms it’s raising another $50M

Image Credit: Flipboard

Flipboard has confirmed with VentureBeat that it is indeed raising another $50 million as the second half of its third round of funding, which it plans to file tomorrow.

Flipboard is one of the most popular digital magazine services, with 100 million monthly readers. Its service, which is available on mobile devices for iOS and Android, pulls in articles, videos, and social content from a variety of news sites and social networks. Flipboard competes with a large number of rival digital magazine services, including Zite, Pulse News, News360, and more. It’ll also compete with the newly revamped Google Play Newsstand, which seeks to be a store for magazines while still providing some of the same features of a digital magazine aggregator.

As VentureBeat previously reported, the new funding, which was initially reported by Fortune, will be led by Rizvi Traverse Management. Previous reports have estimated that the new funding will bring Flipboard’s valuation to around $800 million.

The new funding makes Flipboard the most well-funded digital magazine startup, with over $160 million in funding raised to date.

blog comments powered by Disqus