Flipboard raising $50M round after announcing it has 85M users

Flipboard, the app that pulls media from all of your favorite sources and packages it into a customized easy-to-digest digital magazine, might be raising another $50 million round of funding.

If reports are true, the company would be valued at $800 million, according to AllThingsD’s sources.

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Flipboard lets people bring all the different strings of content they read on the Internet into one app. It’s more than an RSS reader, however, as it reforms this content into image-rich streams that can include social content from sites such as Facebook and Instagram. The company also lets you curate your own content into topic-specific magazines. For example, you can create a magazine of your favorite stories on cities to visit called, “Travel inspiration.”

Flipboard makes some of its money off in-story advertising and has partnerships with publications to share advertising revenue.

This new round would be led by Rizvi Traverse Management and Goldman Sachs, according to AllThingsD. Kleiner Perkins Caufield, and Byers along with Index Ventures also jumped in on the round.

This would bring Flipboard’s funding to $110.5 million total. The company’s other investors include Insight Venture Partners (which might be buying a larger stake in Flipboard through today’s deal); Facebook cofounder Dustin Moskovitz; celebrity Ashton Kutcher; The Chernin Group; and Jack Dorsey, Twitter and Square’s founder.

Rizvi currently has outside investments in Twitter, Square, and Facebook.

Flipboard has over 85 million users and is available on iOS and Android. The company last raised $50 million in April 2011 at a valuation of $200 million.