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New round would be an extension to the $50 million the company picked up in September
The company is raising yet another $50 million, as an extension to the previous round, according to report in Fortune on Monday.
The round was apparently always meant to be $100 million in total, but were split up due to the needs of its investors, especially Rizvi Traverse Management, which led the first round, along with Goldman Sachs, and which is also leading the second half as well.
VatorNews reached out to Flipboard to confirm the new funding, but a spokesperson would not comment on the report.
Flipboard had raised $60.5 million prior to these rounds. Previous investors include Kleiner Perkins Caufield & Byer, Index Ventures, Insight Venture Partners, Twitter co-founder Jack Dorsey, Facebook co-founder Dustin Moskovitz, Ashton Kutcher, and The Chernin Group.
After this latest fundraising round. it will have raised a total of $160.5 million.
The Palo Alto-based Flipboard aggregates news from media feeds and social media websites, including both Twitter and Facebook. It takes all of those streams of data, and presents it in a magazine format that users can flip through.
The service is available Australia, Brazil, Canada, China, France, Germany, Hong Kong, Italy, Japan, Korea, Netherlands, Spain, Taiwan, U.S. and U.K.
Launched in 2010, Flipboard is one of the most popular new aggregators out there, having announced in September that it now has 85 million registered users.
The company has been making moves to stay ahead of competition, including personalized iPad magazine Zite and Summly, a mobile app that uses an algorithm to generate summaries from thousands of news sources from around the Web, which was picked up by Yahoo earlier this year.
In March Flipboard 2.0 was launched, which began allowing users to collect, and save, articles in order to create their own magazines. In July the company, which had been mobile only since its creation, launched a Web version of the service as well.
In October the company got into the commerce game, unveiling its new shopping category, which features 12 magazines curated by the Flipboard team. The magazines are akin to print shopping catalogues.
To launch the new feature, Flipboard forged several new partnerships with top brands, including Banana Republic, Fab, Birchbox, eBay, and ModCloth, while also leveraging existing partnerships with Etsy and Levi’s. Each brand has its own shopping magazine, but each brand’s products also appear in curated magazines based on certain themes, such as “Modern Man,” “Beauty Bar,” “Home Sweet Home,” “The Pantry,” “The Active-ist,” and more.
(Image source: https://www.wired.com)
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The world's first social magazine. Flipboard is a fast, beautiful way to flip through news, photos and updates your friends are sharing on Facebook and Twitter.
Inspired by the beauty and ease of print media, Flipboardʼs mission is to fundamentally improve how people discover, browse and share content across their social networks.