Kobo today announced it has closed a new round of financing.
The amount of the Series C investment has not been disclosed, but in a statement, the Toronto-based e-publishing company says, Indigo Books & Music Inc., Kobo’s founding shareholder, invested in this round and maintains majority ownership.
In December, Kobo raised $16-million from a group of investors that included Indigo, Cheung Kong Holdings, the U.S.-based Borders Group, and REDgroup Retail, which operates Australia’s Angus & Robertson and Borders chains. In the last month, both Borders and REDgroup have filed for bankruptcy protection. There was no mention of either company in Kobo’s statement, which says it plans to use the funding to support growth in the worldwide eReading market through continued product innovation in the eReading experience and international expansion with new distribution partners, support for a wide range of languages and the world’s best content.”
The announcement arrives during Read an E-Book Week (March 6-12), which celebrates 40 years since Project Gutenberg founder Michael Hart entered text from the U.S. Declaration of Independence into a Xerox Sigma V mainframe computer.
In a guest blog post for Kobo, Hart predicts that in another 10 years one billion e-books will be available for download.