Flipboard is on the verge of adding another $50 million in the form of venture capital funding that is in the final stages of negotiations. This will be in addition to the $50 million that the social news app had picked up just about two months ago, raising the amount it has raised so far to $160 million since launching in 2010. The investors who have picked up stake in the company include Goldman Sachs, Index Ventures, Insight Venture Partners, and Kleiner Perkins Caufield & Byers. The latest funding will raise the company’s valuation to $800 million.
Meanwhile, Flipboard CEO Mike McCue stated the company’s user base has grown 60 percent to 80 million, compared to what it was just six months ago. The company, whose app allows users to read digital magazines on tablets, now boasts a catalog of 3.5 million magazines. The company also added some exciting new features, which includes a desktop version of the app as well as the ability to share content with others even if they are not members of Flipboard. The app allows individuals to create their own personal magazines as well.
“It’s definitely early days for us still but the traction this quarter will be 2x or 3x what last quarter was,” said McCue while also adding: “The combination between the traction we’ve seen on the revenue side with these brand advertisements and brand magazines combined with what we did with 2.0 where anyone can build their own magazine—that really got us moving towards doing another round of fundraising.”
The company first started out by developing an app for the iOS platform before registering a presence on Google Android. An app compatible with Windows is also believed to be in the making, though that is still privy at the moment.
Sovan Mandal is the senior tablet and tech corespondent for goodereader.com. He brings a international approach to news that is not just applicable to the North American market, but also Asia, India, Europe and others. Sovy brings his own writing flavor to the website and is interested in Science Fiction, Technology and Writing. Any questions, send an email