WEbook.com Raises $5 Million From Vertex Venture Capital and Greylock Partners Israel
WEbook.com is a social network where users can collaborate on creating a book together. Or users can review other people’s books and vote which ones are the best. When the process is complete, WEbook can publish the book. Recently the company completed their Series A in funding. The amount was $5 million from Vertex Venture Capital and Greylock Partners Israel. The 8 angel investors also participated in this round of funding.
Over 15,000 book projects have been worked on so far between all of the readers and editors on the site. Authors share 50% revenue with WEbook after the book is published. One example of a book that was collaborated between 30 authors is 101 Things Every Guy Should Know How to Do.
“WEbook.com now attracts more than half a million monthly unique visitors,
and the potential for the growth of the WEbook community is tremendous,” stated Sue Heilbronner, president of WEbook. “We are delighted to have the continued
support of Greylock as well as the addition of Vertex to our team of investors
and advisors as we continue to identify innovative ways to redefine the
Itai Kohavi founded WEBook. The company is based in Bethesda, Maryland and the development team is based in Mountain View, Calif.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry