Self-publishing platform for books raises $37 million to use AI to ‘build a new Disney’. Details

Feb 27, 2024•almost 2 years ago

Amount Raised

$37 Million

Round Type

series c

San FranciscoPublishingOther

Investors

Kleiner PerkinsNeaVinod Kholsa

Description

Inkitt, a self-publishing platform for books, has raised $37 million in a Series C round led by Vinod Kholsa of Khosla Ventures, with NEA and Kleiner Perkins as previous backers participating as well, along with some undisclosed investors. The funding aims to use AI to expand content production, venture into games and audiobooks, and build a multimedia empire around its app.

Company Information

Company

Inkitt

Location

San Francisco, California, United States

About

We believe every author should have an equal opportunity to succeed. Therefore, our mission is to discover hidden talents and turn them into globally successful authors. Inkitt is a pioneer at the forefront of Data Driven Publishing. Using an analytic and objective approach, we’ve discovered hundreds of talented authors around the world with over 50% of our published authors achieving $100,000+ in sales. We have forever changed the traditional publishing model by inventing an algorithm which analyzes users' reading behavior to identify hits, in turn removing subjectivity from the equation. This gives Inkitt the unique ability to discover hidden talents that might otherwise have gone unnoticed.

Related People

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Funding Insights

Based on industry data

VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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