REPORT: Flipboard has quietly raised $50 million in new funding

Flipboard CEO Mike CueGetty ImagesFlipboard CEO Mike McCue speaks at TechCrunch Disrupt

Digital news platform Flipboard is reported to have raised another $US50 million in a very quiet Series D round.

According to documents that the company filed in Delaware, passed to TechCrunch by Justin Byers from data provider VC Experts, Flipboard has authorised the sale of 22,668,540 shares of stock priced at $US2.2057 each. Byers told TechCrunch that Flipboard has probably already raised the $US50 million needed to pay for those shares if it is now authorising a sale.

According to the documents TechCrunch is quoting, Flipboard’s Series D share price is actually the same as in its Series C round when it was valued at $US800 million. Then, the company took $US100 million over around 45.3 million shares.

While the documents didn’t give a specific valuation, Byers believes that means Flipboard could have a flat round, meaning it would be valued at $US800 million again.

Twitter was reported to be in talks to buy Flipboard in May about an all-stock acquisition deal that would value the latter company at $US1 billion, but that deal hasn’t materialised. Google and Yahoo have also reportedly shown interest in buying the app.

Just last week the company’s CEO Mike McCue revealed that Flipboard now has 70 million monthly active users, 75% more than it had in February before launching on the web. But McCue also said that the app is actually installed on 300 million mobile devices, meaning that not that big a percentage of people who have the app installed are actually using it regularly.

But McCue has previously said that he doesn’t think his company has much to worry about in the face of several big competing services, like Apple News.

“What Apple was showing is something that we actually shipped five years ago,” McCue said when speaking on BBC Radio’s Tech Tent podcast when Apple’s News app debuted.

We reached out to Flipboard for this story and will update if it responds.

NOW WATCH: How to land a plane if the pilot has a heart attack

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.