Flipboard has completed a $50 million Series C round of financing. The company announced the funding and revealed that more than 100 million users now take advantage of the Flipboard platform.
The newest round of funding was led by Rizvi Traverse Management and includes existing investors such as Goldman Sachs, Kleiner Perkins Caulfield Byers, Index Ventures, and Insight Venture Partners.
Based on the series C funding round the company is now valued at $800 million.
When Flipboard first confirmed the start of series C funding the company had acquired 85 million users. Thanks to the launch of Flipboard 2.0 and its user-cultivate magazine platform, the company’s numbers have been able to rapidly increase.
Programmers at the company are busily working on new ways for users to share their favorite content with others. Flipboard is pegging its future on attracting brand advertisers who will hopefully treat the company’s content more like magazines, therefore paying a premium to target Flipboard readers.
Brands are already being given access to create their own clean and easy to use catalogs for shopping purposes, a move towards competing in the e-commerce space.
Flipboard’s own CEO claimed in November that revenues were already approach those of traditional magazines instead of the lower paying spectrum of digital CPM rates.
With $50 million now acquired in series C funding the company hopes to aggressively hire in 2014, allowing the company to rapidly expand while pushing its advertising rates even higher.
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