Today the venture capital firm Kohlberg Ventures dramatically increased its investment in Open Road Integrated Media–adding $4 million to the $3 million it invested in the digital publisher last year.
The investment firm’s founder, Jim Kohlberg, had this statement: “With the convergence of expanding device options and the rapid adoption of ebooks, we strongly believe that the Open Road model and its team are uniquely positioned to succeed in the marketplace. We are pleased to continue our support through additional funding.”
Open Road CEO Jane Friedman helped found the digital publishing company, publishing, among other projects, the digital backlist for the great William Styron. Currently, the company supports eBook formats for Amazon Kindle, Apple iPad, B&N nook, and Sony Reader.