Global eReading service, Kobo, raises $16M

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Database Reference:  F231109-294
Business:  Kobo
Location:  Canada, Toronto
Region:  North America
Business description:  global eReading service with a catalog of over 2 million eBooks, and an open platform.
Category: eReading
Contact 1:  Michael Serbinis, CEO of Kobo
Contact 2:  Heather Reisman, founder and Chief Executive Officer of Indigo Books & Music
Contact 3:  Ron Marshall, Chief Executive Officer, Borders Group
Contact 4:  David Fenlon, chief executive officer, REDgroup Retail
Investors:  Indigo Books & Music (who will retain approximately 58% ownership of Kobo), Borders Group, Inc., Instant Fame, a subsidiary of Cheung Kong (Holdings) Ltd. of Hong Kong, and REDGroup Retail Pty Ltd. of Australia.
Amount raised:  $16,000,000
Details:  Indigo Books & Music, Canada’s largest book retailer, has transferred all the assets of Shortcovers, its digital reading initiative, into a new company, Kobo. Kobo has secured $16 million in funding including $5 million from Indigo and other strategic partners.

Link:  Press Release

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