Flipboard Finds $10.5M
Flipboard came out of stealth mode with a bang today. The Palo Alto startup launched a new iPad app designed to reformat users’ social media streams, such as Facebook and Twitter updates, in the form of an interactive magazine. The company also announced that it has raised $10.5 million in Series A venture funding from a group that includes Kleiner Perkins Caufield & Byers, Index Ventures, Twitter co-founder Jack Dorsey, Facebook co-founder Dustin Moskovitz, The Chernin Group, Ron Conway, Alfred Lin, Peter Currie, Quincy Smith, and Ashton Kutcher. At the same time, the company said that it has acquired Ellerdale, a startup whose semantic analysis software for the Web will function as “the relevancy engine for the next release of Flipboard, enhancing the readerʼs experience by always surfacing the most important and personally interesting information from Facebook, Twitter and other social networks,” in the words of an announcement.