Rizvi Traverse

Exclusive: Flipboard raising another $50 million

November 25, 2013: 3:21 PM ET

Flipboard said in September that it had raised $50 million. That was only half the story.

131011112435-flipboard-620xaBy Dan Primack and Jessi Hempel

FORTUNE -- Social news app Flipboard is in final negotiations to raise $50 million in new venture capital funding, Fortune has learned. This would be an extension to the $50 million that Flipboard scored just two months ago, at a reported $800 million valuation.

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.

Other Flipboard investors include Goldman Sachs (GS), Index Ventures, Insight Venture Partners and Kleiner Perkins Caufield & Byers. Once the new $50 million is in hand, the Silicon Valley company will have raised around $160 million in total funding since its 2010 inception.

RELATED: Flipboard hopes to be the savior of the publishing business

Flipboard basically acts as a mobile-first news app that allows users to read, share and aggregate content from various publishers into personalized magazines. It recently has come under criticism from smaller news organizations like Talking Points Memo for inadequate revenue-sharing, although larger publishers like Time Inc. (publisher of Fortune) recently signed a content-sharing agreement. Last month, the company announced that it had reached 90 million users (up from 50 million in April).

A company spokeswoman declined to comment on the new funding round.

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