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Digital writing community Wattpad has raised $46 million in Series C funding. The money will help fund an expansion in the company’s team in Toronto. Wattpad is planning to move to a new downtown office space at the end of the month to accommodate the growing team. The money will also go towards supporting product development and community growth.
“We’ve grown 200% since this time last year and tens of thousands of people join the Wattpad community each day,” stated Allen Lau, Wattpad CEO and co-founder. “We’re on-track to become one of the most successful consumer Internet companies in the world. With this latest investment we’ll continue to build a Toronto company that has global impact.”
According to Wattpad’s latest revelations, the company now has 25 million members worldwide, who collectively spend 6 billion minutes a month engaging with Wattpad content a month. Interestingly, Wattpad is the leading app in the Philippines. In addition, 10 percent of overall Wattpad traffic comes from Spanish-speaking countries.
New Career Opportunities Daily: The best jobs in media.
Self-publishing community Wattpad has secured $17.5 million in new funding from Khosla Ventures. The funds arrived as the writing site posted some eye-popping numbers.
AppNewser has more about the daily posting rates and activities of Wattpad users. In a note to readers, Wattpad CEO Allen Lau explored how the site had grown since its 2006 launch. Here’s an excerpt:
Since then over 5 million stories in 25 languages have been uploaded to Wattpad! Not many people know that we’re seeing engagement numbers which rival Pinterest, as we give users a new way to create and be entertained. In May, people spent over 1.7 billion minutes on Wattpad; crafting and sharing original new fiction spanning romance, mystery, sci fi, thriller, poetry and even fanfiction remixes and mashups that have interesting implications for brands and celebrities like One Direction. But Wattpad isn’t just about the big growth numbers. We’ve created a positive, emotional product that fosters creativity and self-expression. We’re democratizing the written word and seeing incredible new types of collaboration come to life.
New Career Opportunities Daily: The best jobs in media.
Digital publishing community Wattpad now counts one million registered users. The free site lets readers discover new books and writers share their work with new audiences.
Wattpad CEO Allen Lau announced the news on the company’s blog yesterday. He wrote: “We are thrilled to say that today the 1 Millionth user has just agreed with us! Our team has been growing as well; from two people to the fifteen of us today; we are growing very fast and improving Wattpad all the time and we can’t wait to show you what we’re working on next!”
In the post Lau also hinted that the company has some more big news coming down the pike. (Via TeleRead)
New Career Opportunities Daily: The best jobs in media.
