Open Road Media Raises $11 Million in Funding

Aug 19, 2013

According to a post by Jane Friedman on the Open Road Integrated Media blog, the digital publisher raised $11 million in Series C funding through a partnership with NewSpring Capital. NewSpring led the funding round with an $8 million investment, and existing investors Kohlberg Ventures, Azure Capital, and Golden Seeds supplied the difference.

Open Road published its first ebook in May 2010. Today, the company publishes and markets just over four thousand ebooks from more than five hundred authors including many "backlist" authors such as Pat Conroy, Alice Walker, Iris Murdoch, Michael Chabon, and James Jones. In addition, Open Road's E-riginals publishes a selection of original works. Open Road continuously markets its authors through a proprietary online marketing platform.

Friedman laid out the framework for the company's plans for the $11 million. Open Road plans to "continue to enhance the technology platform that drives our marketing efforts." In addition, it will loo k to create additional revenue streams, expand its International Publishing Partners Translation Program, and "invest in appropriate content and technology companies" via acquisitions.