Ridibooks, the South Koreaa-based e-book retail platform that counts diversified conglomerate Doosan as an investor, has received $20m in its series C round, Tech in Asia reported yesterday.
ShinHan Finance Investment, a subsidiary of financial services firm ShinHan Finance Group, provided the funding along with private equity firm Praxis Capital Partners and investment firm Company K Partners.
Founded in 2009, Ridibooks has built its own proprietary e-reader device called Ridi Paper and formed an e-book distribution platform with more than 2.5 million users. A total of more than 175 million books have been downloaded from its store.
The company will use the series C cash to improve user experience, a spokesperson told Tech in Asia.
Doosan invested in Ridibooks in 2014 through corporate venturing unit Neoplux, as part of an $8m round that also featured Company K and Mirae Asset Ventures, the venture capital branch of financial services firm Mirae Asset Financial Group, as well as Atinum Investment.