Wattpad, a Toronto, Canada-based global multi-platform entertainment company for original stories, received an investment from and Times Bridge, the global investments and partnerships arm of The Times Group.
The amount of the deal was not disclosed.
The company intends to use the funds to grow its presence in India and reach new users. Working with Times Bridge, Wattpad will grow its local community of readers and writers, establish new strategic partnerships, and create opportunities for Wattpad Studios to work with local partners to turn Wattpad stories into books, TV shows, films, and digital projects.
The deal follows the company’s recent announcement that Devashish Sharma has joined as the first Country Manager for India.
Led by Allen Lau, CEO & co-founder, Wattpad provides a social storytelling platform, home to a community of more than 70 million people who spend over 22 billion minutes a month engaged in original stories.
Its offerings include:
– Story DNA Machine Learning technology, which understands and discovers stories among the more than 565 million uploads on the platform.
– Wattpad Studios and Wattpad Books, which use data-backed insights to turn Wattpad stories into books, films, TV shows, and digital projects.
– Wattpad Brand Partnerships, which offers a suite of advertising products to allow brands to build engagement with Millennial and Gen Z consumers.
– Tap by Wattpad, its second storytelling product, which offers interactive entertainment experiences in over a dozen languages.