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.