The Digital Reader

Charting the eBook Evolution since 2010

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Kobo secure new financing

March 8th, 2011 by · No Comments · ebookstore news, hardware news

Kobo announced today that they had just completed a Series C round of financing led by Fidelity Investments. They didn’t discuss the amount raised, however, but the press release did say that the 2 of the 4 owners of Kobo, Indigo and Cheung Kong Holdings, invested more capital in the company.

As for the other 2 partners, RedGroup Retail and Borders, you probably remember that they are both in bankruptcy at the moment. I’m surprised that I haven’t heard any rumors about someone buying their interests in Kobo.

Kobo also reported that they have built a catalogue of 2.3 million ebooks since they launched last December, and that they now has 2.7 million users. Also, note that the pace of its expansion has accelerated — taking 10 months to reach 1million users and less than three months to add the second million.

via Kobo

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