A new storytelling app called Wattpad has just raised another $5.1 million of capital
The Toronto based startup app Wattpad is steaming ahead in its search for venture capital to help it in its development and release phases. It was recently announced that Wattpad has just been granted a further $5.1 million of capital to add to its pot.
What is Wattpad?
Wattpad is a reading and storytelling app, which enables users to read a very diverse array of texts on their mobile phone, tablet, or similar mobile device. Wattpadd aims to bring together numerous different types of texts and storytellers. Alongside academic style articles, there will also be freer and more fluid voices. Users of Wattpad are able to use the platform to upload their own work, or they can simply use the platform to read other people's work. Of course, many of the app's users will use the platform to do both - reading and uploading content.
Capital to be used for tech development
To date, the app's developers have managed to garner $117 million in capital. The app's developers state that they are planning to use this money to develop and test new tech so that the app can be the best that it can possibly be. Wattpad is already in use, and since it was first launched in 2007 it has attracted around 60 million users across the world - especially in the US and Canada. The funds that it has attracted over the years have been used to add various new features to the app. One key example is the addition of video to the platform, which occurred in 2017. This new multimedia approach enables users to perform their stories if they like, in a way that brings traditional oral storytelling into the modern age.
Will Wattpad continue to raise more money?
It is clear that Wattpad is growing in popularity all the time, and it is amazing to think back to the time when it was simply redistributing texts from the Project Gutenberg Archive. Now, Wattpad has taken on a personality of its own, creating a distinctive platform that users can engage with on a wide variety of different levels. It is clear that, for whatever reason, this storytelling app has attracted not only readers and users across the world - but also some rich venture capitalists who want to get involved with helping it to develop.
What is Wattpad?
Wattpad is a reading and storytelling app, which enables users to read a very diverse array of texts on their mobile phone, tablet, or similar mobile device. Wattpadd aims to bring together numerous different types of texts and storytellers. Alongside academic style articles, there will also be freer and more fluid voices. Users of Wattpad are able to use the platform to upload their own work, or they can simply use the platform to read other people's work. Of course, many of the app's users will use the platform to do both - reading and uploading content.
Capital to be used for tech development
To date, the app's developers have managed to garner $117 million in capital. The app's developers state that they are planning to use this money to develop and test new tech so that the app can be the best that it can possibly be. Wattpad is already in use, and since it was first launched in 2007 it has attracted around 60 million users across the world - especially in the US and Canada. The funds that it has attracted over the years have been used to add various new features to the app. One key example is the addition of video to the platform, which occurred in 2017. This new multimedia approach enables users to perform their stories if they like, in a way that brings traditional oral storytelling into the modern age.
Will Wattpad continue to raise more money?
It is clear that Wattpad is growing in popularity all the time, and it is amazing to think back to the time when it was simply redistributing texts from the Project Gutenberg Archive. Now, Wattpad has taken on a personality of its own, creating a distinctive platform that users can engage with on a wide variety of different levels. It is clear that, for whatever reason, this storytelling app has attracted not only readers and users across the world - but also some rich venture capitalists who want to get involved with helping it to develop.