Kobo is an e-book company that has raised $50 million in funding to compete with Google Android tablets, Apple iPads, and Amazon Kindle tablets. Kobo is based in Toronto and is barely over a year old. This round was led by a leading institutional investor. Existing investors include Indigo Books & Music and Cheung Kong Holdings. These two investors put in $13 million.
?Kobo will use the new funding to continue its explosive growth internationally. As the eReading space continues to heat up, Kobo is committed to providing an innovative experience that lets consumers read anytime, anyplace and share their love of reading with friends,? stated Kobo CFO Greg Twinney.