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Kobo secure new financing

Kobo announced today that they had just completed a Series C round of financing led by Fidelity Investments. They didn't discuss the amount raised, however, but the press release did say that the 2 of the 4 owners of Kobo, Indigo and Cheung Kong Holdings, invested more capital in the company.

As for the other 2 partners, RedGroup Retail and Borders, you probably remember that they are both in bankruptcy at the moment. I'm surprised that I haven't heard any rumors about someone buying their interests in Kobo.

Kobo also reported that they have built a catalogue of 2.3 million ebooks since they launched last December, and that they now has 2.7 million users. Also, note that the pace of its expansion has accelerated — taking 10 months to reach 1million users and less than three months to add the second million.

via Kobo

About Nate Hoffelder (11121 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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