Wattpad, an online writing community and e-book developer focused on delivering content to smartphones, announced that it has received $3.5 million in Series A funding led by Union Square ventures, along with W. Media Ventures and Golden Venture Partners.
Wattpad cofounders Allen Lau and Ivan Yuen said the new round of founding would allow Wattpad to hire more staff and create a stronger mobile and user experience. In a release the co-founders said that over the summer Wattpad registered its millionth user and that IOS and Android apps became the most popular way to access Wattpad content.
“We think we’re in a great position to fully take advantage of the growing number of mobile users, social networks, the rise in eReading, the global Internet and cloud services to continue to build Wattpad into the best platform,” the cofounders said in a joint statement.
