Kobo Closes $50M Financing Round

Kobo, a Toronto, CA-based eReading service built on open standards, has closed a $50M financing round.

The round was led by an undisclosed institutional investor, with participation from existing shareholders, which invested $13m. Following the deal, Indigo will maintain its controlling position.

As stated by Greg Twinney, CFO of Kobo, the company intends to use the funds to continue to expand internationally. Kobo intends to launch local content stores in Germany and Spain starting in May 2011 with openings in France, Italy and the Netherlands to follow this summer.
The company also released the BlackBerry® PlayBook™, which is now available in retailers across the US and Canada with a free copy of Thomas Cleary’s translation of The Art of War. 
A global eReading service with more than 2.3m eBooks, magazines and newspapers. Kobo has also developed applications for iPad, iPhone, Blackberry, Android, Windows, and MacOS.

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