Literati, an Austin, TX-based subscription book service, secured $12m in funding.
The round was led by Nikhil Basu Trivedi at Shasta Ventures with participation from Dick Costolo of 01 Advisors (former CEO of Twitter), Katie Jacobs Stanton and Jessica Verilli of #Angels, Dan Graham of Austin’s Springdale Ventures, Kevin Hartz (founder of Eventbrite), Thomas Lehrman (founder of GLG), Allan Hubbard (former director, National Economic Council) and follow-on investments from Founders Fund Pathfinder and Silverton Partners. Additionally, Literati received funding from Brent Montgomery at Wheelhouse, backed by comedian and late-night host Jimmy Kimmel.
The company intends to use the funds to grow the business and hire new talent in Austin.
Founded in 2016 by Jessica Ewing and Kelly Carroll, Literati is a children’s book club designed to inspire readers for life through its monthly subscription service of curated books for children ages 0-12.
For $9.95 per month, the company curates a box of books based on age along with custom artwork and personalized book labels. Readers have seven days to try out the books and buy those they want to keep.
Literati also allows for customers to put any books they no longer use into the prepaid return box, and they have donated more than 18,000 books to charities thus far in 2019.