Figment, the writing community catering to young-adult readers, has raised $1 million from an unidentified investor. Figment CEO Jacob Lewis told paidContent that expansion plans include publishing its own works and creating a marketplace where authors and publishers can sell their titles.
On its launch day in December 2010, Figment attracted 4,000 users. The site now counts 35,000 users and 75,000 pieces of writing. In the fall, Figment will release author Blake Nelson‘s Dream School. Meet a Figment author at eBookNewser’s Digital Writer Spotlight today.
Here’s more from the article: “Lewis…said most of the money it’s raised will go to develop new sales, distribution and marketing models. At the end of this month, Figment will launch a writing contest judged by novelist Paolo Coelho, whose novel The Alchemist sold 65 million copies worldwide. Coelho will post the winning story on his blog.”