Wattpad raises $46 million in funding
Wattpad is an online community for writers and readers to share stories. The company has raised $46 million in Series C funding led by OMERS Ventures. This round of funding brings the total funding to over $60 million. Wattpad currently has over 25 million registered users, which is up from 15 million this time last year.
Users spend a total of almost 6 billion minutes on the service every month and reads the equivalent of 10 hours every minute. Around 50% of the activity on the service is from the U.S. and the rest is international.
Wattpad raised a $17 million round of funding less than 2 years ago and has a lot of cash left in the bank. Wattpad will be using the funding to hire additional staff for product development and community management.