A group of investors have placed yet another big bet on Wattpad, a Toronto-based storytelling app that combines crowdsourced content and other material.
BDC, Kickstart Ventures, Peterson Group, and Raine Group are among the latest backers, investing $51 million in Wattpad.
The money will be used to expand the available content into more formats and improve on the machine learning that matches it with consumers. To date, Wattpad has raised $117.8 million USD.
“Entertainment is in a period of disruption, and how people find and experience stories is evolving,” said a statement from CEO Allen Lau, co-founder of the company with Ivan Yuen. “With our global community of users, hundreds of millions of stories and data-driven approach to helping people and partners find great content, Wattpad is leading both sides of this equation. We empower diverse storytellers all over the world, helping them build a community of passionate readers; at the same time, we also connect Hollywood with stories that have massive built-in audiences.”
Wattpad has video, a paid subscription tier, and a community of 65 million users. To date, that community has uploaded more than 400 million times.
Other investors in Wattpad include China’s Tencent Holdings, Union Square Ventures, Khosla, AME Cloud Ventures, and August Capital.
Wattpad has had partnerships with Project Gutenberg, NBCUniversal’s Universal Cable Productinos, CW Seed, HarperCollins, Hachette Audio, Hachette Romans, and Lionsgate, among others.
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