Thursday, April 14, 2011

It's been a really good day for Flipboard: issues update with pages from Oprah, Rolling Stone and others, and gets $50M in funding at valuation level of $200 million

How good a day has it been for Flipboard co-founders Mike McCue and Evan Doll? Today the WSJ's Kara Swisher revealed in an interview with McCue that the start-up has secured a $50 million round of funding at a valuation of $200 million.
The investors are a pretty well known group, led by Venture Partners. Other investors include Comcast’s venture arm, according to the WSJ story, as well as Kleiner Perkins, Index Ventures and some big name angel funders.

"With this funding, we can grow at the right pace and have a lot of flexibility to get the product right,” McCue is quoted in the interview. (Ya think? I guarantee you that there are plenty of TNM readers who think $50 million would help them get their products right.)

As for the iPad update, I was pretty impressed with that until I read about the funding. Flipboard is getting some big content players onboard: Oprah, Rolling Stone, Wire, Elle and others.

Their update also incorporates Instagram, a new photo sharing service with its own iPhone app. Instagram allows users to share photos with friends for free, and to follow their friends through photo sharing. The branded app is one of the most popular in the App Store.

With the media deals and the massive infusion of funding, Flipboard is moving well beyond the "that's an interesting app" stage, and fast.