BookBub Snags $7M for Discounted Book Tool
[Corrected 5/19/15, 1:20 pm. See below]
BookBub, an online service that helps users find new e-books for free or at a discounted rate, has received $7 million in debt and equity financing.
The Cambridge, MA-based company plans to use the funding to continue its expansion, which has already brought it 5 million members since its launch in 2012. BookBub has gone international, too, offering its service in the U.K., India, and Canada. [This paragraph was corrected to reflect the locations BookBub offers its service.]
The company plans to make new hires to add to its existing team of more than 40. The financing was provided by the same investors that gave the company $3.8 million last year; they include NextView Ventures, Founder Collective, Avalon Ventures, and Bloomberg Beta. [Updated to reflect total current employees.]
BookBub charges a fee for listing a book on its website; the fee increases depending on the popularity of the genre and how much a publisher wants to charge for the book. Mystery, the most popular genre, averages about 35,800 free downloads or 3,000 sales for discounted books, according to the company’s website.