It started off something like a “YouTube for documents” where users could upload and share files before finding success as the “Netflix for books” with a subscription model.
And now, reading subscription service Scribd is trying to grow and improve its product with its latest round of funding. The company has raised $58 million in equity financing, Scribd announced Monday. The round was led by Spectrum Equity and brings the startup’s total funding to $105.8 million, according to Crunchbase.
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Users pay $8.99 per month for an unlimited subscription reading service where they can access books, audio books, documents, and magazine and news articles. Scribd has more than half a million books, access to publications like Time, Fast Company, and People, and through a partnership with the New York Times, subscribers can pay $12.99 per month total for a subscription to Scribd’s collection and the newspaper.
Scribd is unlimited for most subscribers, but the company can limit access for users who are particularly active.
It’s been a hot minute since Scribd last raised money–the company pulled in $22 million from Khosla Ventures in January 2015 for its Series D round, according to Crunchbase. Scribd raised in Series C in January 2011, its Series B in December 2008 and its Series A in June 2007, according to Crunchbase.
The company plans on using the new funding to support Scribd’s growth and product development and improve operations, Scribd said in a statement.
Scribd found success in a consumer base that’s increasingly turning to subscription services over ownership. The company surpassed the mark of one million paying subscribers earlier this year, and more than 100 million unique visitors come to Scribd each month, according to the company.
Scribd, which is based in San Francisco, has offices in Phoenix, New York, Toronto and Amsterdam.
Illustration Credit: Li-Anne Dias