Flipboard raises $50 million in venture funding

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Palo Alto, Calif.—Flipboard, the magazine-format social network aggregator for the iPad, has gained $50 million in venture capital funding, primarily from its initial underwriter, New York-based Insight Venture Partners.

Flipboard, launched last June, pulls social content from such sites as Facebook and Twitter, then rearranges it on the iPad into a traditional glossy magazine layout, complete with headlines, photos and callouts. It also includes comment and share features, like a standard social media management tool.

The company plans to use the infusion of funds to increase staff and develop its product for other platforms, including smartphones. Flipboard now has raised $60.5 million.

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