South Korean ebook provider Ridibooks today announced it raised US$20 million in series C funding from Praxis Capital Partners, ShinHan Finance Investment, and Company K Partners.
Founded in 2009, the company has more than 2.5 million users, while 175 million ebooks have been downloaded using its platform. It says it generated over US$50 million in revenue in 2016 alone.
Ridibooks also provides its own ereader, the Ridi Paper, which is similar to Amazon’s Kindle device and has launched Ridistory, a platform for serialized novels and web comics. It claims its most popular romance novel Under The Oak Tree has already garnered 1 million views.
The #startup’s main competitors include Kyobo Books and Yes24, which are among the biggest bookstore chains in South Korea, selling print books as well as ebooks on their sites. Ridibooks previously said it sets itself apart by focusing on digital content distribution.
It raised US$8 million in series B funding from Company K, NeoPlux, Mirae Asset Venture Investment, and Atinum Investment in late 2014.
We’ve reached out to the company for more on its latest round and operations and we’ll update this piece when we hear back.