Kleiner Perkins leads $16m series-A for Inkitt

Venture capital investors, including HV Holtzbrinck Ventures, Earlybird Venture Capital and Speedinvest, also invested in the company, along with Xploration Capital, Redalpine Capital and angel investor Itai Tsiddon.

The fresh capital will be used to grow the number of genres the company will operate in and the addition of 10 new languages on the platform.

Previous funding
Speedinvest, Frontline Ventures, Heilemann Ventures and several angel investors invested $1.1m in the company in 2015.

In 2017, Redalpine invested in a $3.9m pre-series-A funding round for Inkitt, drawing equity from Redalpine Capital III. Frontline, Speedinvest and a number of private investors also took part in the round.

Company
Based in Berlin, Inkitt has 1.6 million readers and 110,000 writers who have collectively written more than 350,000 stories. Using data collected for its users, Inkitt identifies top-performing stories and its in-house writing team adapts them. The company launched a reading app that is used to publish the material. Founded in 2015, the company employs 30 people.

People
Kleiner Perkins – Ilya Fushman (partner).
Inkitt – Ali Albazaz (CEO).

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• Topics
• Expansion
• DACH
• Media
• Earlybird
• Holtzbrinck Ventures
• Germany
• Kleiner Perkins Caufield & Byers
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