Flipboard raising additional USD50 million
Digital magazine startup Flipboard is in the process of completing an additional USD50 million in funding. This is a continuation to the initial USD50 million that it had previously raised, according to anonymous sources familiar with the transaction who told Fortune. The said unnamed sources were cited in a report published by VentureBeat.
If the report about the new funding is true, Flipboard would be ranked among the highest funded news aggregating digital magazine firms. The total funding would amount to USD160 million. Fortune said the new round of USD50 million is led by Rizvi Traverse Management. Goldman Sachs, Kleiner Perkins Caufield & Byers, and Insight Venture Partners are also participating in the round, the report said.
Flipboard's competitors include Pulse News, Zite, News360, and many others. At present, the digital magazine has 85 million monthly readers. The California-based company had also recently launched a new feature for its catalog, VentureBeat reported.
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