Shortcovers, a Toronto, ON, Canada-based eBook retailer, announced that it has raised CAD$16m from majority shareholder Indigo Books & Music, US-based Borders Group, Inc., Instant Fame, a subsidiary of Cheung Kong (Holdings) Ltd., and REDgroup Retail Pty Ltd.
The company also announced that it has formally spun out from parent company Indigo Books & Music Inc., and will now operate under the name Kobo, Inc.
Kobo operates eReading, a web-based digital download service with a catalog of over two million eBooks that enables retailers, device manufacturers and mobile operators to reach its customers everywhere.
Kobo’s eReading service includes support for leading smartphones, desktops and eReaders. Now, the company intends to extend its platform by launching additional support for all these devices.
Commenting on the investment, Indigo Books & Music’s Chief Executive, Heather Reisman, was reported as saying: “We look forward to partnering on the introduction of new services and reading devices and to providing our customers with the richest eReading experiences”.