Toronto's Kobo raises $50 million to compete against iBooks and Amazon

Posted by Knowlton Thomas

Toronto-based e-reading startup Kobo yesterday closed a $50 Million investment round led by an undisclosed institutional investor, with existing investors also throwing $13 million into the pool.

"Kobo will use the new funding to continue its explosive growth internationally," said Greg Twinney, CFO of Kobo. "As the eReading space continues to heat up, Kobo is committed to providing an innovative experience that lets consumers read anytime, anyplace and share their love of reading with friends."

Kobo is rapidly growing, having added one million users in the past three months, and uses an open, cloud-based platform, making its books readable from other devices, such as tablets and smartphones (even Apple's).

The company is shifting focus to a European expansion. It's opening stores in Germany and Spain in May, followed by France, Italy, and the Netherlands later this summer.

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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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing tennis, hiking, and exploring weird side streets. more



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