Wattpad Raises Whopping $46 Million in Series C Round Led by OMERS Ventures

Posted by Rob Lewis

 

Toronto's Wattpad, the world’s largest community of readers and writers, announced today that they have raised $46 million in Series C funding led by OMERS Ventures with participation from August Capital, Raine Ventures, and Northleaf Venture Catalyst Fund.

All of Wattpad’s existing investors also participated in the round, including: Union Square Ventures, Khosla Ventures, Jerry Yang/AME Cloud Ventures, Golden Venture Partners, and Boris Wertz of Version One Ventures.

Wattpad is the first social platform to create direct connections between readers and writers on a massive scale. With Wattpad, readers around the world can access millions of free stories from any mobile device or computer, as well as interact with writers. More than 25 million people spend upward of six billion minutes a month on Wattpad.

SEE ALSO: Wattpad Doubled Engagement in 2013, Expects Even Bigger 2014

While the majority of users reside in the US, UK, and Canada, international growth is strong. Wattpad is already the number one app in the Philippines and 10 percent of overall traffic comes from Spanish-speaking countries.

Wattpad will use the latest funding to expand its Toronto team and it is actively recruiting on the Techvibes Job Board (pictured is CEO Allen Lau at Tech Fest Toronto). Wattpad is also in the process of moving to a new downtown office space at the end this month to accommodate its rapid growth. Series C funds will also be used to support product development and community growth.

“We’ve grown 200% since this time last year and tens of thousands of people join the Wattpad community each day,” said Allen Lau, Wattpad CEO and co-founder. “We’re on-track to become one of the most successful consumer Internet companies in the world."

“People’s access to books and opportunities to tell the stories that matter to them varies greatly around the world. Wattpad is changing that by giving anyone an opportunity to read and write from the devices they own,” added Jim Orlando, Managing Director at OMERS Ventures.

Company:
Wattpad
Website:
http://www.wattpad.com
Location:
Toronto, Ontario, Canada

Great stories bring people together! Wattpad is the world's largest community for discovering and sharing stories. It's a new form of entertainment connecting readers and writers through storytelling, and best of all, it's entirely free. With thousands of new stories added every day, an incredibly active community of readers, and the ability to read on your computer, phone, or tablet, Wattpad is the only place... more

Company:
OMERS Ventures
Website:
http://www.omersventures.com
Location:
Toronto, Ontario, Canada

We're OMERS Ventures and we are as passionate about your success as you are about your company. We are looking for like-minded partners who have a shared vision of building a vibrant and successful Canadian knowledge economy. OMERS Ventures is the venture capital arm of OMERS, one of Canada's largest pension funds with over $53 billion in net assets. more

Company:
Version One Ventures
Website:
http://www.versiononeventures.com
Location:
Vancouver, British Columbia, Canada

Above everything else we invest in entrepreneurs, not businesses. We love passionate entrepreneurs with deep domain knowledge. Entrepreneurs with great product and design instincts. Entrepreneurs who want to change the world but know that in order to do so, they need help. And yes, we love to help, when and where ever we can. Besides the founder team we look for a few more things when evaluating an investment... more

Company:
Golden Venture Partners
Website:
http://www.goldenvp.com
Location:
Toronto, Ontario, Canada

Golden Venture Partners is a mobile focused seed and early stage venture capital fund based in Toronto. We provide early stage funding and mentorship to young companies that leverage the massive potential of mobile products and services. Golden Venture Partners was created as a response to the unparalleled growth in the mobile marketplace and the dramatic changes in how companies are created, financed and... 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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