Start-up Oyster raises $14m

Start-up Oyster raises $14m

E-books subscription start-up Oyster has raised $14m in investment in a deal with Highland Capital Partners.

The company, which launched in the US in September, announced the new deal in a blog post on its website, and said the investment would: "help us take on even bigger challenges around the future of books and the sharing of ideas."

The specifics of the deal were reported in The New York Times, which said that further funds came from a previous investor, entrepreneur and PayPal co-founder Peter Thiel.

Oyster charges $10 a month, allowing subscribers to read an unlimited amount of books. It currently has a catalogue of 100,000 titles from more than 500 publishers, and is available on iPhone and iPads in the US.

Referring to the new investment in its blog, Oyster said: "This partnership represents a long-term investment in our mission to inspire people through books. We envision a world where access to books is seamless and universal, bringing people and ideas closer together. Oyster was started for one reason: to build the best way to read, discover, and share books. We can’t wait to expand on this vision in the next chapter of our story."