Social reader app Flipboard says it has raised a $50 million funding round at a staggering $200 million valuation. The new money, which comes on top of last summer’s $10.5 million round, will go towards hiring more staff and its international expansion plans, CEO Mike McCue tells AllThingsD.
The Palo Alto company doesn’t have much of a business model yet, but that appears to be changing as it explores relationships with established publishers. Today’s launch of its partnership with Oprah Winfrey’s OWN (NSDQ: DISCA) Network should boost its popularity with users and with other publishers enormously.
Just a year ago, Flipboard began promoting itself as “the world’s first social magazine,” as it gathers together content from readers’ social network and reorganizes in the style of glossy periodical. Flipboard was already something of a burgeoning sensation by the time it raised its first round in July.
In addition to growing its 32-person staff to around 50 people and creating a presence in other countries, the company plans to make some small acquisitions and create other product for more platforms, such as possible iPhone and Android extensions.