Boston-based publishing startup Libboo has raised $1.1 million in seed financing led by Boston-based MassVentures. Other investors included Hubspot CTO and founder Dharmesh Shah; Avid and Wildfire founder Bill Warner; and past President and CEO of Compete, Don McLagan, the company said. Libboo recently launched a pilot program with publisher Houghton Mifflin Harcourt, and aims to connect readers with books and authors.
Boston startup Libboo, which last week launched its pilot program with publishing powerhouse Houghton Mifflin Harcourt (HMH), today announced the close of a $1.1 million seed round of financing led by Boston-based MassVentures. Other investors included Hubspot CTO and founder Dharmesh Shah, Avid and Wildfire founder Bill Warner, and past President and CEO of Compete, Don McLagan.
Libboo, a TechStars Boston company and MassChallenge finalist, is an online platform that connects “buzzers” (passionate readers and advocates who love to raise awareness about the books and authors they enjoy) with books from talented authors, to more effectively get those authors discovered by new audiences. Buzzers get rewards such as free ebooks, and increase their influence by sharing great writing with friends and followers via social media, email, and other online channels. With its pilot program, which launched on September 24, 2012, Libboo introduced revolutionary ways to combine the power of reader and author to create award-winning bestsellers.
Libboo CEO Chris Howard says it was a “personal challenge” to find investors who, like him, were after making an impact in the publishing world. The main pain point for authors that Libboo aims to solve is that talent gets lost in crowded spaces. Libboo wants to create a place for talented authors to get discovered and rewarded for their talent. It was important to Howard that Libboo’s investors be passionate and visionary angels and VCs looking to be a part of an industry shift.
The funding process commenced with Howard’s TechStars Demo Day pitch, which also cemented Libboo’s partnership with HMH. The round will allow Libboo to continue to grow its all-star team, specifically in engineering, operations, and business development. Libboo sees its investors as just as much a part of the team as the full-time staff. Their combined strengths and drive to move the publishing industry into the future will be invaluable in Libboo’s goal to discover the next digital bestseller.
Libboo is a TechStars company, the #1 startup accelerator in the world, dedicated to creating the next digital bestseller by combining the power of authors and their greatest fans. Libboo’s mission is to solve the timeless problem of talent getting lost in crowded spaces and aims to help all talented authors – published or independent – be discovered by the audiences they deserve. The company’s partners and supporters range from the National Literacy Trust to a number of the world’s largest publishers.