Flipboard Grabs Another $50M In Series C Funding, Hits 100M User Milestone
With an aim to increase its workforce, Flipboard has secured $50M in series C funding from Rizvi Traverse Management and Goldman Sachs along with existing investors viz, Kleiner Perkins Caulfield & Byers, Index Ventures, and Insight Venture Partners. The social reading app had previously raised $50M from same investors in September this year. Flipboard’s latest round of funding now brings its valuation to $800 million. It plans to use the raised funding to hire more people in engineering and sales department.
The popular digital magazine has also announced that it has surpassed the 100 million user mark, up from 85 million in September. In March it launched Flipboard 2.0, which began allowing users to collect and save articles in order to create their own magazines. In July, the company which had been mobile since its creation, launched a Web version of the service as well.
Flipboard competes with Pulse News and newly revamped Google NewsStand. Also, if we are to believe reports, it will soon compete with Facebook’s news reader. Founded in 2010, Flipboard is available on Android, iOS and it recently landed on Windows Phone also. The company recently moved beyond magazines and forayed into e-commerce with curated shopping catalogs.
Besides the funding Flipboard also announced that it would be including Reuters content in 12 languages.
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Source: http://www.watblog.com/2013/12/10/flipboard-grabs-another-50m-in-series-c-funding-hits-100m-user-milestone/
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