Inkitt, a Germany-based online publishing platform backed by media company Müller Medien, has secured $16m in a series A round led by venture capital firm Kleiner Perkins, TechCrunch has reported.
HV Holtzbrinck Ventures, Xploration Capital, Redalpine Capital, Speedinvest, Earlybird and angel investor Itai Tsiddon also took part in the round.
Founded in 2014, Inkitt runs a crowdsourced online publishing platform that allows unsigned writers to upload samples of their work, while the platform’s community get the chance to sample new and emerging authors.
The platform has a community of some 110,000 writers and 1.6 million readers. Inkitt will use the series A proceeds to enhance its analytics capabilities and add a further 10 languages to the English works on which it currently focuses.
The company had previously raised $5m, $3.9m of which was supplied in September 2017 by Müller Medien, Redalpine, Frontline Ventures, Speedinvest and angel investors that included Rouven Dresselhaus.
