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12
Appillionaires: Secrets from Developers Who Struck It Rich on the App Store
called Flipboard, a “social magazine,” had managed to raise an investment
of $50 million — valuing the company at $200 million. It’s a staggering
amount. Flipboard is a free app and though it dances around the very top of
the iPad chart, at the time of writing it provides no tangible income for the
company that built it. More worriesome still (for those that fear an app
bubble is growing) is the justi cation for this enormous sum. Flipboard’s
CEO, Mike McCue, appeared to be channeling the venture capitalists who
backed him when a journalist asked how the company could possibly need
or want that much money.
Color, the most costly iPhone app built so far. It took a $41 million investment to
launch the software. At the time of writing it has sunk down though the charts and
user reviews of the app average two stars out of a possible  ve.
SOURCE: Copyright Color Inc.
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