South Korea-based e-book store Ridibooks has secured $8m in a series A round backed by Neoplux, the corporate venturing subsidiary of conglomerate Doosan, BeSuccess reported on Wednesday
Mirae Asset Ventures, the venture capital arm of financial services firm Mirae Asset, Atinum Investment and Company K Partners also participated in the round.
Ridibooks has made headlines in the domestic market for giving authors a 75% share of the sales profits, which has allowed it to grow to control 40% of the South Korean e-book market. In 2014 alone, Ridibooks has hosted 32 million downloads with total sales estimated to be about $20m.