US-based digital literature platform developer Epic has secured $30m in a round led by Evolution Media, the joint venture between talent agency Creative Artists Agency and growth equity fund TPG Growth.
Founded in 2014, Epic provides a subscription-based digital library that enables children 12 and under to access fiction and non-fiction books, read-to-me books, audiobooks, videos and teacher-created content such as quizzes.
The content is sourced from 250 publishers such as HarperCollins, Macmillan, Sesame Workshop and National Geographic Kids, and is used by more than 10 million children and 1 million teachers.
The company has now raised more than $50m in total, having closed an $8m series C round in May 2017 featuring Rakuten Ventures, a corporate venture capital subsidiary of e-commerce firm Rakuten.
Education-focused investment firm Reach Capital led the series C, which included TransLink Capital, Menlo Ventures, WI Harper, Brighteye Ventures and Innovation Endeavors.
Epic had previously received $8m in equity funding in 2015 according to a regulatory filing, a year after growth equity firm Zillionize invested an undisclosed amount in the business.
Evolution Media partner Salim Mitha said: “In today’s media landscape, we identified a massive opportunity in the kids’ space for a provider of premium, streaming, curated and safe books, video and audiobook content.
“Based on their success to-date and traction with schools and families, we believe that Epic is fabulously positioned to not only fill this void but continue to grow as more families and kids discover the wonderfully engaging educational product and entertainment experience.”