Kobo Secures New Financing, Plans Further Expansion

Kobo completed a Series C round of financing today. The financing was led by Fidelity Investments with additional funds provided by Kobo investors Indigo and Cheung Kong holdings.

Noticeably absent from the announcement were RedGroup Retail and Borders. Both companies are in financial difficulties, and it possible that their shares in Kobo could be put up for sale.

Kobo plans to use the new funds to support “growth in the worldwide eReading market through continued product innovation in the eReading experience and international expansion with new distribution partners, support for a wide range of languages and the world’s best content.” Kobo also reported that it has a catalog of 2.3 million eBooks which Kobo is selling in more than 100 countries. It now has 2.7 million users, and noted that it took 10 months to reach 1 million users and only 3 months to grow to two million.

via Kobo

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