Wattpad closed 3rd funding round today

There's a detail that they'd prefer you not notice about this press release. This isn't actually their first round of funding; it's their 2nd or 3rd.  I remember seeing much the same announcement last year at this time, and I think I saw one at the beginning of 2009. There's nothing wrong with a startup asking for more money each year (Amazon didn't turn a profit for 7 years), but one really should try to avoid errors in a press release. From the press release: Riding on the success of 1,216% year-over-year growth in 2009, Wattpad today announced that the company has completed its first round of funding. A consortium of private investors including Harvey Beck and Alan Levine, former co-CEOs of ICOM and Bert Amato, co-founder of Delrina participated in this round.

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.

About Nate Hoffelder (11467 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader: "I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

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