Graphicly Raises $1 Million in Bridge Funding Round
This ebook distributor is seeking to raise a million dollars in financing, money which CEO Micah Bowers is planning to use to "get Graphicly to profitability, which the company should reach by the middle of 2013". Specifically, Graphicly is borrowing money and securing the loan with an equity stake in the company.
According to an SEC filing they’ve raised $647 thousand so far, with another $353 thousand still up for grabs. The exact terms of the promissory notes have not been disclosed.
Graphicly originally launched as a digital comics platform, and they even released their own apps for the web, iOS, and Android. But earlier this year the company pivoted in a more platform agnostic direction, and shifted from selling content directly to consumers to instead assisting publishers and authors in distributing their content to the major ebookstores.
The Graphicly platform is capable of distributing fixed-layout ebooks to all the major ebookstores, including iBooks, Kindle, Nook, and Kobo. Graphicly can also assist in rpoducing a standalone app for either Android or iOS.