Kobo Closes Series C Investment Round

Posted by Rob Lewis

Toronto-based e-publishing startup Kobo announced the closing of its Series C investment round today, led by Fidelity Investments.  Indigo Books & Music Inc., Kobo’s founding shareholder, invested in this round and maintains majority ownership.

According to the announcement, the new funding will support Kobo’s growth in the multibillion dollar global eReading market through continued product innovation in the eReading experience and international expansion with new distribution partners, support for a wide range of languages and the world’s best content.

Included in today's press release was a summary of highlights from Kobo's first 14 months of operation. During that time Kobo has amassed a 2.3 Million eBook catalog and has won over 2.7 Million Users. And Kobo’s base is growing rapidly, hitting 1 million customers after 10 months and less than 90 days more to hit the 2 million mark.

Kobo users can access digital books from smartphones, as well as on tablets like the iPad and Galaxy Tab and their own custom e-reading device which is available at Indigo Books in Canada.

Kobo previously raised $16-million in funding from Indigo, Borders Group Inc., Instant Fame and REDgroup Retail Pty Ltd. in November 2009 when the company, previously known as Shortcovers, rebranded itself.

Company:
Kobo, Inc.
Website:
http://www.kobobooks.com/
Location:
Toronto, Ontario, Canada

Kobo is a global eReading service backed by majority shareholder Indigo Books & Music, Borders Group, REDgroup Retail, and Cheung Kong Holdings. Kobo believes consumers should be able to read any book on any device. With a catalog of over two million eBooks, and an open platform, Kobo enables retailers, device manufacturers and mobile operators to bring the joy of eReading to customers everywhere. For more... more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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