Serbinis' venture fund invests in BitLit

Serbinis' venture fund invests in BitLit

Former Kobo c.e.o. Michael Serbinis’ new venture fund has invested in BitLit, which works with publishers to offer e-book and physical book bundling.

Serbinis launched Three Angels Capital with Laura Adams, an m.d. with Morgan Stanley in Canada, earlier this month.

The fund focuses on “early stage tech companies seeking angel investment” and likes “disruptive platform plays with global aspirations”. It is looking for companies in areas including digital content, digital health and finance.

Users of the free BitLit app prove they own a print book from a participating publisher by writing their name onto the book’s copyright page and taking a picture using their smartphone. They can then get an e-book of the book, free or at a low cost.

Canada-based BitLit, founded in 2013, has just closed its seed round financing, and among those who have invested is Serbinis’ 3 Angels Capital, which he said was founded to “invest in world class teams looking to disrupt markets and change the world”.

“As books go digital it's clear that people continue to enjoy reading in print," Serbinis continued. "With BitLit you can enjoy the convenience of an e-book, with the comfort of reading the print edition at home - a huge benefit for book lovers."

Peter Hudson, co-founder and c.e.o. of BitLit, said: “We are thrilled to have raised our seed financing from investors with backgrounds in both technology and publishing.”

The seed financing also includes investments from BDC Venture Capital, Mike Volker (WUTIF fund) and Jim Fletcher, a Vancouver super angel.

BitLit has partnered with 85 publishers including O’Reilly, Other Press, ECW Press, Osprey Group, Greystone Books, and Berrett-Koehler, and has 10,000 titles available.