O’Melveny Represents Rizvi Traverse Management as Lead Investor in Flipboard's Financing RoundSeptember 30, 2013
FOR IMMEDIATE RELEASE:
O’Melveny & Myers LLP
SILICON VALLEY ─ SEPTEMBER 30, 2013 ─ O’Melveny & Myers LLP represented Rizvi Traverse Management as the lead investor in a US$50 million Series C financing round for Flipboard Inc., an innovative technology company and creator of the world’s first social magazine. Goldman Sachs, Insight Venture Partners, Index Ventures, and Kleiner Perkins Caufield and Byers also participated.
The O’Melveny team was led by partner Paul Sieben, and associates Katherine McCormick and Christopher Brannan. Counsel Gilbert Villaflor and associate Tom Oslovar advised on intellectual property issues.
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With approximately 800 lawyers in 16 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com
The following press release was issued by Flipboard Inc.:
Flipboard Raises $50 Million
September 24th, 2013 ∙ Palo Alto
Today, Flipboard Inc. announced it has closed its Series C financing round, adding $50 million in capital to accelerate the company’s vision of improving the discovery, curation and creation of great content that moves the world forward. The financing was led by Rizvi Traverse Management and included investor Goldman Sachs. Insight Venture Partners, who led the Series B funding, increased their ownership position in this round. Existing investors Index Ventures and Kleiner Perkins Caufield and Byers also participated. Code Advisors, an early investor in Flipboard, advised the company through the fundraising process.
Flipboard is the world’s first personal magazine, bringing great content to new audiences every day. Growing by more than 50 percent over the past six months, Flipboard now has over 85 million readers around the world. With this financing Flipboard will continue expanding its infrastructure and product teams to meet the needs of its growing, global readership.
People use Flipboard to stay informed and connected to the things they care about, flipping through more than 7 billion pages every month, as well as collecting favorite content into their own magazines on Flipboard. With 3+ million unique magazines on Flipboard, readers can find user created magazines on just about any topic - from Larry King’s Heart Health to The DIY Home - there’s something for everyone.
Flipboard was founded in 2009 by Mike McCue and Evan Doll. Flipboard launched as the world’s first social magazine on Apple’s iPad in July 2010. In December that year Flipboard came to the iPhone then a few months later it launched on Samsung’s S III and Android phones worldwide. Today the company has 83 employees and is headquartered in Palo Alto, Calif. with offices in New York, NY and Beijing, China.