Wattpad, a large online community of readers and writers, has raised $17.3m in Series B financing.
This round was led by Khosla Ventures, with participation from internet entrepreneur Jerry Yang, and existing partners Union Square Ventures and Golden Venture Partners.
The company intends to use the funding to expand its team, enhance the product through new features focused on collaborative and interactive storytelling, and grow its community.
Led by CEO Allen Lau, Wattpad offers a mobile, social, eReading platform where readers and writers connect directly. It allows writers to share their work with readers, while readers comment and shape storylines in real time. Wattpad currently hosts over five million user-generated stories in 25 languages, with 500,000 new stories added each month.