Digital publisher Open Road Integrated Media has raised $11 million in Series C equity financing from NewSpring Growth Capital III. Open Road’s chief operating officer Chris Davis and chief marketing officer Rachel Chou spearheaded the funding effort which is aimed to help the company grow to the next level.
Since the company launched in 2010 as a digital publisher with a few authors on their roster, the company has expanded its catalog to include more than four thousand eBooks from more than five hundred authors. The company will use the money to help enhance its technology offerings, expand its offerings, expand itself internationally and acquire new titles.
Open Road founder/CEO Jane Friedman broke the news in a blog post. She wrote:
While we feel like we have hit our stride, as we started to look toward the future, we realized there is still much to be done—with the goal in mind of helping authors reach more readers than ever before. We want Open Road to be the premier digital publishing and marketing company for many years to come, and we have many new ideas that we want to put into practice.