Monday, September 23, 2013

Flipboard raises 50M

Flipboard raises $50M



Flipboard includes a build-your-own-magazine feature. The company just raised $50 million.
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Flipboard
Flipboard includes a build-your-own-magazine feature. The company just raised $50 million.
Web Producer- Silicon Valley Business Journal
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Social news aggregator Flipboard raised another $50 million at a $800 million valuation, according to AllThingsD.
That valuation is lower than the $1 billion that was being bandied about when rumors first circulated that the Palo Alto company was raising money. But it's still quite a lot for a service that, essentially, just takes news articles and makes them pretty for tablets and mobile phones.
The round was led by Rizvi Traverse Management and Goldman Sachs, with existing investors Insight Venture Partners and Kleiner Perkins Caufield & Byers also participating in the round.
Flipboard wants to use the cash infusion to help fuel its overseas expansion, which is apparently going like gangbusters. CEO Mike McCue told TechCrunch that the service has been growing by about 200,000 users a day since it released the latest iteration of its app six months ago, with most of that growth coming outside the United States.
One thing the company wasn't talking about was the possibility of an exit from venture funding. Flipboard seems to have enough cash for the time being, but you have to think with banks and private equity firms leading the most recent round, a public offering might come sooner rather than later.
The window certainly seems to be open — FireEye and RocketFuel saw wildly successful IPOs last week.
Jon Xavier is Web Producer at the Business Journal. His phone number is 408.299.1826.
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