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:
-Northleaf Venture Catalyst Fund
-Union Square Ventures
-Golden Venture Partners
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.