Kohlberg Ventures has increased its investment in Open Road Integrated Media LLC. The venture capital firm invested an additional $4 million in Series A financing, building upon its original $3 million investment last August. Jim Kohlberg, founder of Kohlberg, said: "We strongly believe that the Open Road model and its team are uniquely positioned to succeed in the marketplace. We are pleased to continue our support through additional funding." Open Road CEO and co-founder Jane Friedman called Kohlberg "the perfect partner for Open Road," and said "we are proud that his confidence in our company and our performance has only grown and strengthened since our launch."
Launched by the former CEO of HarperCollins last fall, Open Road will publish e-books and print-in-demand editions of new and backlist books as well as promote e-books for other publishers. It has a deal to viral market backlist for Kensington and recently published its first E-rignial e-book title, Negotiating with Evil, under its Studio imprint.
