American e-book deals service BookBub scores $3.8M in first funding round
BookBub, a free service for e-book deals, has just closed its first funding round at $3.8 million. The financing was led by NextView Ventures and Founder Collective. Avalon Ventures and Bloomberg Beta also contributed to the funding, according to VentureBeat.
The new capital will be used to beef up its workforce and portfolio of featured e-books. BookBub will also expand from Massachusetts to other international markets, the report detailed.
BookBub ties up with authors and publishers to come up with a pool of discounted e-book deals. It has a special unit that assesses e-books to make sure that the contents of their featured books are indeed worth reading, the report explained.
As of now, BookBub has over 3 million subscribers and partners with over 3,000 publishers. Since it has been profitable, the company has been bootstrapped before raising the latest funding. Launched in 2012, the service has already featured more than 10,000 e-book deals in its service, VentureBeat added.