Inkitt, a Berlin, Germany-based reader-powered book publisher, raised $3.9m in pre-series A funding.
The round was led by Redalpine with participation from Frontline Ventures, Speedinvest and a number of private investors.
The company intends to use the funds to further scale its publishing platform globally.
Led by Founder and CEO Ali Albazaz, Inkitt is a reader-powered book publisher that analyzes reader behaviour with algorithms in order to predict future bestsellers. The company offers an online platform where authors can post their manuscripts and readers can read them for free for a limited amount of time.
Authors with well-performing books are offered a publishing deal. When Inkitt identifies a potential best-seller, the book is marketed pre-launch by the company’s in-house team and then published, along with full marketing support to ensure the maximum chance of success.
To date, Inkitt has 43,000 writers and over a million readers on their platform, has published 24 books, of which 22 have become Amazon bestsellers.