PALO ALTO — Fable, a social platform for book clubs and stories, has raised $20 million in a Series A funding round led by Tiger Global with participation from Redpoint Ventures, Gaingels, Breyer Capital, defy.vc, and others.
Fable was founded by tech industry veteran Padmasree Warrior and launched in April, 2021. Previously, the company had raised $7.25 million in seed funding led by Redpoint Ventures.
The Fable app features book recommendations by tastemakers and offers members a platform to create their book lists, start or join book clubs, and discuss books with other readers while sharing highlights, comments, links, and pictures. With ebooks from Big Five publishers and key indies, Fable has nearly a million ebooks available for sale in its webstore.
Tiger Global, an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology services, led the $20 million financing round.
The investment will be used to accelerate growth in consumer and enterprise segments. Fable currently hosts hundreds of book clubs including those hosted by notable BookTok influencers including @aymansbooks, @moongirlreads, @chamberofsecretbooks, and many others. Fable also hosts premium clubs hosted by LeVar Burton and Sean Astin.
“Starting with social reading, Fable is poised to be a category-defining company that brings social and content together,” said Evan Feinberg, Partner at Tiger Global. “We are excited to support the Fable team as they take this next step in their journey.”
“We are a pioneer in social reading and are excited to see our community grow by leaps and bounds in 2021,” said Padmasree Warrior, founder and CEO of Fable. “We are looking forward to expanding the social platform we built, from books to other formats of stories. This investment will help us promote reading and stories in service of mental wellness. We are thrilled to be the social destination for story lovers and avid readers”