Social Reader Wattpad Raises $46 Million


Wattpad

Wattpad makes it easy for readers to discover millions of free stories, and today announced it raised $46 million in new Series C financing.

The latest funding, now $67 million to date, came from the following venture capital firms and investors:

-OMERS Ventures
-August Capital
-Raine Ventures
-Northleaf Venture Catalyst Fund
-Union Square Ventures
-Khosla Ventures
-Jerry Yang
-Golden Venture Partners
-Boris Wertz

25 million monthly active users contribute around 150,000 stories per day on Wattpad, and CEO Allen Lau believes the social reading platform is prime for major growth:

“We want to become a billion-user company. There are five billion people who can read and write on this planet, so a billion users is totally achievable.”

To build a massive collection of free stories, writers are enticed to add their content, and potentially have it read by thousands of readers, if not more.

In a conversation with VentureBeat, Lau says the company is exploring various monetization options:

“We’re committed to growing the Wattpad community and building a great platform for people to connect through stories. But now that our community and engagement numbers have grown exponentially … we’ve begun to explore new paths to monetization, including branded content/native advertising and licensing.”

Wattpad was founded in December 2006, and its users spend a combined six billion minutes per month on the site.


Mike Stenger

Lover of technology, Mike often makes jokes that nobody laughs at.

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