Social reader Flipboard has raised $50 million in new funding, pegging its estimated valuation at $800 million — four times the amount two years ago — according to a report.
AllThingsD reports the funding round was led by Rizvi Traverse Management and Goldman Sachs. Rivzi, which is run by Suhail Rivzi, also has investments in Twitter, Facebook and Square.
See also: Flipboard 2.0: Now With Pinning, People Tagging, Search and Ecommerce
Reps from Flipboard could not be reached for comment.
Founded in 2010 by Mike McCue (pictured), Flipboard now has 85 million registered users. The app, which simulates the experience of a glossy magazine via aggregated news and social media sources, had been tablet and smartphone-only until this July when it added a browser-based version as well.
In addition to the browser functionality, Flipboard also let users create their own magazines on the platform beginning this summer. So far, some 1 million magazines have been created, according to the company.
Despite its popularity, Flipboard is not without competition. Rivals include Zite, Circa and Google Currents, among others.
Image: Araya Diaz/Getty Images