US digital media firm Flipboard confirms raising further $50M in third funding round

By VCPOST Staff Reporter

Dec 09, 2013 08:50 PM EST

US digital magazine startup Flipboard has confirmed with VentureBeat that is raising another USD50 million as part of its third funding round. The digital media company plans to file the second half of the said round tomorrow, wrote VentureBeat.

Flipboard has 85 million readers every month. Its digital magazine services are available on Android and iOs mobile devices. The said service pulls in articles, social content, and videos from various news sites and social networks. The startup competes with other digital magazine services including News360, Pulse News, Zite, and Google Play Newsstand, the report said.

As previously reported by VentureBeat, Rizvi Traverse Management will lead the new funding round. According to previous reports, the said funding will bring the company's valuation to approximately USD800 million. Fortune first reported Flipboard's additional funding, the report detailed.

With over USD160 million in funding raised to date, the latest funding round will make Flipboard the most well-funded digital magazine startup, VentureBeat reported.

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