Unbound, a London, UK-based crowdfunding platform for authors and publishers, closed a funding round of undisclosed amount.
The round was led by new investors DFJ Esprit and Cambridge Angels with participation from seed investor Forward Investment Partners.
The company intends to use the funds to hire tech people to expand and improve its website, develop new platforms for engaging literary agents, publishers and booksellers.
Launched in May 2011 by CEO Dan Kieran, John Mitchinson and Justin Pollard. Unbound provides an online publishing platform that allows authors to pitch their ideas for books. Supporters then can pledge their financial backing in return for rewards.
Users include both established authors with existing fan-bases and new authors whose pitches attract supporters.
On the platform, the average pitch takes three months to raise £15k from 500 supporters. Authors receive 50% of all profits made on their projects in contrast with the 5% – 10% royalty that authors typically receive through traditional publishing channels.
The funding will also help to support Unbound’s biggest project to date, Letters of Note by Shaun Usher, which has raised more than £125k in advance pledges and is published in the UK on October, 23.