Goodreads is a website that allows users to search an extensive database of books, annotations, and reviews. Goodreads was founded in December 2006 and launched out of beta in January 2007 by Otis and Elizabeth Chandler. Goodreads users have the ability to register books to generate library catalogs and reading lists. Goodreads users can also create groups of book suggestions and discussions. Back in July 2012, Goodreads reported that they had 10 million members, 20 million monthly visitors, and 30 employees. In December 2007, Goodreads raised around $750,000 in angel investment and then they raised $2 million in funding from True Ventures in 2009. Goodreads generated revenue when a user clicked on their website to an online bookseller to make a purchase. Earlier this week, Amazon.com revealed that they have acquired Goodreads.
Continue reading →