Subscription book service Scribd has closed a $22 million financing led by Khosla Ventures with reinvestment from existing backers including Redpoint Ventures, Charles River Ventures and Silicon Valley Bank. Seasoned entrepreneur Keith Rabois will join Scribd's board as a board observer. This brings Scribd's total funding to date up to $48M.
Scribd, which launched in 2007, now has more than 80M monthly readers accessing their books and documents worldwide. The new capital resources raised will be used to reinvest in the business to further accelerate hiring, content acquisition efforts and international expansion. Since the launch of the company's subscription book service in October 2013, the subscriber base has grown an average of 31 percent per month. Scribd readers have spent more than 17M hours reading half a million premium e-books and have logged 180,000 listening hours in the first 60 days since launching its audiobooks service.
Over the past year, Scribd has seen a steady increase in subscribers each month, consistently landing the company in the top-5 reading apps in both the Apple App Store and Google Play. Scribd is available on iOS, Android, Kindle Fire, Nook tablets and the web.
