Nerd Alert! ComiXology Could Be Looking for An Investor


ComiXology, which provides a platform to sell and read digital comic books, may be looking for an investor, says CEO David Steinberger.

Founded in 2007,ComiXology has raised about $2.25 million in seed funding and could be hunting for more. “Growth capital is definitely a possibility in the next six months,” says Steinberger, who was speaking Thursday at the SIIA conference.

I asked him on the sidelines about how much comiXology would be looking to raise. “We don’t know yet,” he says. “We don’t know if we need it.”

The company has not hired a banker, he says. “We’re really at just the beginning of our strategic initiative.”

New York-based comiXology, which employs roughly 50 people, is profitable and cash-flow positive. It provides apps to read comics digitally on the iPhone, the iPad, the Android, the Kindle Fire and the Web. So far, users have downloaded 77 million comic books from the comiXology platform since the company’s launch.

The comiXology platform produced $19 million in gross merchandise value in 2011, which is expected to jump to about $70 million in gross merchandise value this year. In May, the company announced an exclusive deal with Marvel where comiXology would exclusively distribute their single issue English-language digital comics worldwide. “If you want Marvel individual issues, you have to go to the comiXology platform,” Steinberger says. The company also provides digital comic services for DC Comics, Image and many other publishers, he says.

Photo courtesy of Shutterstock