Flipboard Raises $50 Million In Funding From Rizvi Traverse and Goldman Sachs
Flipboard is a social network and magazine-format application that works on Android, iOS, and BlackBerry 10. Flipboard grabs content from social media and other websites, then presents it in a magazine format. Users can flip through social networking feeds and feeds from websites that are partnered with Flipboard. Flipboard has raised $50 million in a new round of funding led by Rizvi Traverse Management and Goldman Sachs, according to AllThingsD.
This round of funding gives Flipboard an $800 million valuation. Rizvi is a multi-billion investment fund run by Suhail Rizvi. Rizvi Traverse Management also put money into Twitter, Facebook, and Square. Existing investors that put money into Flipboard in this round include Kleiner Perkins, Index Ventures, and Insight Venture Partners.
Flipboard’s last round of funding was in the middle of 2011. The company raised $50 million with a $200 million valuation back then.