SAN FRANCISCO — Scribd, which operates a reading subscription service that offers access to the best ebooks, audiobooks, documents and more, has closed $58 million in equity financing led by Spectrum Equity. The investment will be used to expand growth and operations.
Over the past two years, Scribd says it has surpassed over one million paying subscribers, introducing localized experiences for international markets, and nearly doubling its employee base. It has expanded its footprint with offices in San Francisco (HQ), New York, Phoenix, Toronto, and Amsterdam.
Scribd launched in 2007 and introduced its reading subscription service in 2013. Now more than 100 million unique visitors come to Scribd every month and readers have spent a total of over 190 million hours reading on the platform.
“We’re excited to partner with Spectrum Equity, a firm with deep expertise in high growth subscription businesses, as we prepare for the future,” said Trip Adler, Founder and Chief Executive Officer. “By partnering with the world’s best publishers of all types of content, Scribd has introduced a first-of-its-kind experience for readers, while unlocking a new revenue stream for the publishing community. This funding will enable us to continue to operate sustainably and efficiently while accelerating our growth, product innovations, content acquisition and continued investment in our employees.”
Pete Jensen, Managing Director of Spectrum Equity, said, “As a differentiated content library, including robust user-generated content and ebooks and audiobooks from top tier publishers, Scribd is poised to be the leading online subscription reading service for consumers across the globe. Spectrum has been fortunate to be a part of successfully scaling several digital content businesses, and we look forward to partnering with Trip and the entire management team to help make Scribd a part of readers’ everyday lives.”