Flipboard valued at $800m by fundraising Flipboard, the digital magazine app, has raised $50m from investors including Rizvi Traverse Management and Goldman Sachs, valuing the Silicon Valley company at $800m. The deal is the latest sign of investors' enthusiasm for growth companies with a strong focus on mobile devices, as well as the renewed interest in Silicon Valley in new kinds of content distribution platforms, ranging from Twitter and LinkedIn to smaller start-ups such as Circa. After launching on the original iPad in 2010, Flipboard has been downloaded by more than 85m people across a range of mobile devices. It grew by 50 per cent in the past six months, and is now adding 200,000 new users every day. Founded by serial entrepreneur Mike McCue and Evan Doll, a former iPhone engineer, Flipboard aims to combine the endless variety of online content with the well-presented, lean-back reading experience of print magazines. Based in Palo Alto, California, it had previously raised $60.5m from investors including Kleiner Perkins Caufield & Byers, Index Ventures, Insight Venture Partners, Twitter co-founder Jack Dorsey and Facebook co-founder Dustin Moskovitz. Its last prior investment round came in 2011, when the company secured a $200m valuation. Mr McCue confirmed the latest round of funding and valuation, which was earlier reported by AllThingsD. He said that he met Suhail Rizvi, co-founder and chief investment officer at Rizvi Traverse Management, through Twitter, where the fund is also a large shareholder, and Mr McCue previously served on the board. "The combination of his understanding of how new media and traditional media are coming together was very important to me in this financing," Mr McCue said. Rizvi has also backed Facebook, mobile payments company Square, Summit Entertainment, which was sold to Lionsgate last year, and ICM, the talent agency. The group has worked with Goldman Sachs on several previous investments. Growth at Flipboard was reinvigorated earlier this year by the added ability for users to create their own personal magazines, to which they can add articles from anywhere on the web. Celebrity users such as Al Gore, who collects the stories he is reading, and Ashton Kutcher, the actor and investor, who curated a magazine about the late Steve Jobs, helped attract new users to Flipboard. Some 3m such magazines have been created since March. "As more and more people have started to curate these magazines, that has been creating more awareness for Flipboard," said Mr McCue. We are starting to see the benefits of that in our growth numbers. The strength of this was the perfect timing to get a financing done. Working with content and traditional media companies used to be seen as a high-risk and slow-growth strategy for internet companies. However, more recently the market has seen a greater collaboration between new and traditional media, from Twitter's partnerships with television broadcasters such as CBS to LinkedIn's content platform, which allows prominent businesspeople to distribute articles to their followers. Flipboard generates revenue from advertising by brands such as Delta Air Lines and Gucci, which it shares with publishers. Mr McCue said the fundraising would allow Flipboard to scale up its advertising sales team and expand in New York. Code Advisors advised Flipboard on its fundraising.