Korean e-book use Ridibooks scores $20M Series C


E-book sales might be disappearing in a U.S. and U.K., though in South Korea, many people still suffer swiping instead of leafing by their reading material. E-book sales there are flourishing usually any year, driven in partial by a recognition of web comics. Ridibooks, that claims to be Korea’s largest e-book provider, has lifted a $20 million Series C to take advantage of a market.

Investors in a turn embody Praxis Capital Partners, ShinHan Finance Investment, and Company K Partners. The collateral will be used to urge a user knowledge of Ridibooks’ products, that now embody Ridibooks, a categorical bookstore, an e-reader called Ridipaper, and Ridistory, a height it launched in Jan for serialized novels and web comics.

TaeWoo Kim, Ridibooks’ business manager, says e-book sales in Korea are augmenting about 25 percent to 30 percent each year. Ridistory was launched in response to user direct for serialized novels and comics and a top-selling title, a intrigue novel called “Under a Oak Tree,” has already strike one million views.

Ridibooks done $50 million in income final year and now has some-more than 2.5 million users who have downloaded a sum of 175 million e-books. Its stores have 784,000 titles from 2,000 publishers. Along with a prior rounds, including an $8 million Series B sealed during a finish of 2014, Ridibooks has lifted $35 million to date.

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Posted by on Jun 15 2017. Filed under NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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