E-book subscription service Scribd has raised $22m in new funding, according to reports.
Publishers including HarperCollins, Simon & Schuster and Harlequin have made e-books available through Scribd, which charges customers $8.99 a month for unlimited access to e-books in its library. The online subscription service recently added 30,000 audiobooks to its library, with the “vast majority” available to UK customers.
Technology website TechCrunch reported that Scribd has raised $22m in a new funding round led by Khosla Ventures.
Keith Raboi, a partner at Khosla, will join Scribd’s board as an observer. He told TechCrunch: “With over 80 million users in nearly every country, the Scribd team is well positioned to grow to a massive global audience.”
Scribd co-founder and c.e.o. Trip Adler told TechCrunch that subscriptions to Scribd have been growing an average of 31% each month since the service was officially unveiled in October 2013. Adler said he thought the subscription model for books had “proved out”.
“From the industry perspective, there are still people at both ends of the spectrum,” he added.
Adler also said that by the end of 2015 “we’ll be able to basically say almost all of the significant players in the industry are on-board” with Scribd.
Other groups to have invested in Scribd during this round of funding include previous backers Redpoint Ventures, Charles River Ventures, and Silicon Valley Bank.
The money will be spent on improving the product, focussing on algorithmic book recommendations and the reading experience, as well as continuing to expand the content available.