The startup, whose founding team includes Marci McCue, is set to add another $50M to its kitty.
By Jessica Stillman (Editor, Women 2.0)
When social media reading app Flipboard scored $50 million in funding in 2011, we cheered, and not only because the deal valued the company at “an eye-popping $200 million.” That the founding team of the Palo Alto-based startup includes Marci McCue, a previous Women 2.0 conference speaker, gave us even more reason to applaud.
And now we have new reason to congratulate the company.
Fortune is reporting “Flipboard is in final negotiations to raise $50 million in new venture capital funding.” Dan Primack and Jessi Hempel write that “this would be an extension to the $50 million that Flipboard scored just two months ago, at a reported $800 million valuation.” The company, in other words, has quadrupled its valuation in two years.
Why split the investment in half over this period? “My understanding is that the round always was intended to be $100 million total, with Rizvi Traverse Management leading both parts. The split was caused by different timing needs of certain Rizvi investors,” explains Primack.
AllThingD digs into the reasons for the company’s growth, including new features such as the ability for publishers to create “magazines” of selected content on the app. Flipboard has also developed apps for more devices.
Jessica Stillman (@entrylevelrebel) is an editor at Women 2.0 and a freelance writer with interests in unconventional career paths, generational differences, and the future of work. She writes a daily column for Inc.com, contributes regularly to Forbes and has blogged for CBS MoneyWatch, GigaOM and Brazen Careerist, among others.
Photo credit: Jorge Quinteros via Flickr.