E-book publisher and digital marketer Open Road Integrated Media announced that it has received $11 million in Series C equity financing led by an $8 Million investment from NewSpring Capital. This sum comes on top of contributions from existing investors Kohlberg Ventures, Azure Capital and Golden Seeds.
Open Road Integrated Media CEO Jane Friedman said the capital will go toward enhanced technology for its digital marketing platform, new business development, and expanded international marketing efforts. Friedman said the money will go, in part, to growing Open Road's International Publishing Translation program, and acquisitions of content and technology companies that offer a good fit for the Open Road platform. Friedman cited Open Road COO Chris Davis and chief marketing officer Rachel Chou for leading the effort to secure the new round of funding.
Launched in 2010 by Friedman, Open Road Integrated Media specializes in literary e-book publishing and digital marketing. Since its launch, Open Road has grown to publish and copublish over 4,000 e-books by more than 500 authors.
Mike DiPiano, managing general partner of NewSpring, who now joins Open Road’s board of directors, said, “There is huge disruption in the publishing industry as business models are rapidly evolving and ebooks are becoming a greater share of overall trade book sales. Open Road, as a digital publisher of e-books with a focus on the vast number of backlist titles, is perfectly poised to deliver value to its authors, as its marketing approach uniquely focuses on authors as brands and systematically creates authentic connections between the authors and the reader.”