The 1-Hour Digital Leader – WATTPAD’s Storytelling App Raises $51M
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Techcrunch features WATTPARD, a story telling and reading, viewing app that combines crowdsourced content with professionally produced material, has picked another $ 51 million in venture funding. Read the story:
“Entertainment is in a period of disruption, and how people find and experience stories is evolving,” Allen Lau, the CEO who co-founded the company with Ivan Yuen, said in a statement. “With our global community of users, hundreds of millions of stories and data-driven approach to helping people and partners find great content, Wattpad is leading both sides of this equation. We empower diverse storytellers all over the world, helping them build a community of passionate readers; at the same time, we also connect Hollywood with stories that have massive built-in audiences.”
Content, as they say, is king — but these days, that may be true only for as long as you can figure out a good business model to deliver it. And today, a startup based out of Toronto, Canada is re-upping its coffers to fill out its ambition to do just that.
Wattpad, a storytelling and reading/viewing app that combines crowdsourced content with professionally produced material, has picked Storytelling app Wattpad raises $51M at a $398M valuation
The key thing here, it seems, is the audience of creators and consumers willing to use its platform to connect with each other, and the attractiveness (to investors) of that relationship and the platform that encourages it.
“Wattpad has developed something truly special: a community that cares deeply about stories of authentic human experiences, a technology platform that unlocks the universal desire to share those stories and connect with other people, and a data set that enhances the value of these shared stories for writers and readers alike,” said Minette Navarrete, President, Kickstart Ventures, in a statement. “We’re proud to join Wattpad as an investor, helping expand its vision to entertain and connect the world through stories.”
“Wattpad is the future of entertainment,” added Peter Misek of BDC. “By harnessing the power of verticalized data and AI, Wattpad has unlocked the true value of content creation, enabling discovery, production and distribution in exponentially new ways. The future can be found on Wattpad.”