Combine two of the most basic things that people do on a daily basis, reading and writing, and then allow individuals to share their content and voila – Wattpad. There are a few more bells and whistles in there, but the company born out of Toronto recently raised $17.3 million in its Series B round of financing. Wattpad offers members a mobile, social, eReading platform where readers and writers connect directly.
This funding round was led by Khosla Ventures of San Francisco and includes internet entrepreneur Jerry Yang, with existing partners Union Square Ventures of New York and Golden Venture Partners in Toronto also participating. It has been recognized as highly significant due to having two top-tier US funds investing at this level in a Canadian-based consumer internet company.
“Wattpad has seen incredible growth and found a way to make long-form written content bite-sized and digestible for the mobile age,” said CEO Allen Lau. “Gutenberg invented the printing press over 400 years ago, and I believe we are creating a product that will define how people share and connect through stories for the digital age.”
Wattpad will use this new funding to expand its team, enhance the product through new features focused on collaborative and interactive storytelling, and grow its community which now sits at eight million. Over 70% of Wattpad’s usage comes from its mobile apps.