E-book promotion company BookBub has secured $7m in new equity funding.
BookBub is based in the US but last year launched in the UK.
The business is a daily deal site for e-books which allows publishers and authors to submit price promotion ideas for titles. Bookbub then reviews and chooses which to feature in its daily emails.
The new round of funding will be used to help the company “to pursue our two core goals - to make it easier for readers to discover great books, and to help authors and publishers reach avid readers”, said BookBub co-founder Josh Schanker in a letter to partners.
In the last year BookBub added more than 20 employees, and plans to grow its team further so it can “innovate and build new ways to serve you and our readers better”.
The equity comes from the same investors that gave money to BookBub in a round of funding last year.
Schanker said: “It’s a group of people that I’ve known and trusted for more than 15 years, and who share our company vision. We’ve all been excited with the progress and feedback on our new initiatives, and decided to take additional capital to accelerate expansion.”
“A lot has happened since we announced funding last year,” Schanker continued. “We grew to more than 5m members. We expanded internationally, building localisation for the UK, Canada, and India. We added eight new categories to target for Featured Deals. We launched Author Follows, a new service that hundreds of thousands of our members have started using to connect with authors.
“As a result of these improvements to our service, our partners now sell millions of e-books each month and continually make bestseller lists due to their promotions with BookBub.”