Oyster, the eBook subscription service that has been described as a Netflix for books, has raised $14 million in funding.
The New York Times has the story: “The new investment was led by Highland Capital Partners and included additional capital from an existing investor, Peter Thiel’s Founders Fund. That raises the company’s total fund-raising to $17 million. The new cash will help Oyster as it embarks on a significant expansion effort, according to Eric Stromberg, a co-founder and the company’s chief executive.”
Oyster launched with an iPhone app late last summer, then added an iPad app in October. The service lets readers pay $9.95 a month for access to as many eBooks as they can read. The catalog boasts more than 100,000 titles from 800 publishers and the company continues to add partnerships with new publishers.