Korea’s largest e-book service provider Ridibooks, has announced that it has secured$20 million in C series funding, with an aim t take the advantage of the market.
The round was leaded by Praxis Capital Partners, ShinHan Finance Investment and Company K Partners. In an interview Ridibooks spokesperson said that “this fund s will be used to improve the user experience of Ridibooks products, which includes Ridibooks, its main book store, the e-reader Ridipaper and Ridistory, a novels and web comics platform.
Business manager for Ridibooks, TaeWoo Kim said that “the sales of e-books in Korea annually grow from 25 to 30 percent. Ridistory was launched in response to consumer demand for serialized novels and comic books and its top selling, a novel called “Under the Oak Tree”, has already hit a million views.
Last year, Ridibooks generated $ 50 million in revenue and currently it has more than 2.5 million users who downloaded a total of 175 million e-books.
Ridibooks stores have 784,000 titles from 2,000 publishers. Along with previous rounds, including $ 8 million Series B, closed at the end of 2014, Ridibooks raised 35 million dollars to date.