By 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.
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.
Twitter's largest outside investor used a brilliantly simple way to avoid detection.
FORTUNE -- When Twitter (TWTR) unveiled its IPO registration last month, a lot of folks were stunned to learn that the company's two largest institutional owners weren't any of the venture capital firms known to have invested in the company. Instead, they were Michigan-based private equity firm Rizvi Traverse (17.9% stake) and entities affiliated with J.P. Morgan (10.3%). Both firms MOREDan Primack - Nov 6, 2013 9:57 AM ET
Private equity goes country.
FORTUNE -- Private equity firm Rizvi Traverse is in talks to acquire an equity stake in SESAC, a Nashville-based performing rights organization that represents such acts as Bob Dylan, Neil Diamond, Lady Antebellum and Mumford & Sons.
The pending deal was first disclosed in an FTC filing, which does not provide specifics about dollars or if Rizvi Traverse would become SESAC's majority owner.
Performing rights organizations like SESAC are basically licensing MOREDan Primack - Dec 12, 2012 3:26 PM ET
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