In The Search For New Distribution Partners, E-Book Retailer Kobo Raises More Funding
E-book retailer Kobo has announced a new Series C round of funding. The company did not disclose the amount raised but said that the investments was led by a major institutional investor and previous investor Indigo Books & Music also participated in the round. Kobo previously raised $16 million in funding.
According to the release, the new funding will be used towards product development and international expansion with new distribution partners. Of course, one of Kobo’s main distribution partners, Borders, recently filed for bankruptcy. Kobo powered and developed a Borders’ branded e-bookstore and reader. Kobo assured users that despite the bankruptcy, Borders’ Kobo readers and bookstores would be fully operational.
Kobo most recently added social networking features to its e-reading experience, with the ability to earn rewards and post and share to Facebook.
Currently, Kobo offers 2.3 million e-books, has 2.7 million users and customers from over 100 Countries buy from Kobo every week. And Kobo says that hundreds of thousands of e-Books were downloaded per day during peak holiday periods. Other distributors include Samsung, Research In Motion and HTC. Kobo claims that there will be over 20 million Kobo-ready devices in market in 2011.
Of course, with Amazon and Barnes and Noble currently leading the e-book market, competition is tough in the space. And Apple also has its sights set on providing an e-book experience for iOS users.
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