Wattpad, also known as "YouTube for ebooks + MySpace for writers", is the world's most popular ebook community where readers and writers discover, share and connect. The investment will allow Wattpad to capitalize on its leading position in the red hot mobile, social media and ebook sectors.
"Just like YouTube which changed the way we create, watch and share videos, Wattpad is doing the same for books" said Allen Lau, CEO and Co-founder of Wattpad. "We are very excited to be in the leading position of this ebook revolution. The new investment we received will be used to leverage the company's rapid growth and expand engineering, marketing and business development efforts."
According to R.R. Bowker's Books in Print database, in 2008, 276,489 books were published traditionally in the U.S. Today, monthly uploads on Wattpad are in excess of 25,000 and accelerating. This year the number of titles published on Wattpad will exceed that of traditional publishing as a whole and billions of pages will be read by its community on the web and mobile devices.