Wattpad, a Toronto, Canada-based online community for telling and reading stories, has raised $3.5m in funding.
Investors include Union Square Ventures, W Media Ventures, Golden Venture Partners as well as existing investors.
The company intends to use the funds to hire professionals dedicated to create a stronger mobile presence and user experience and start working on new projects.
Co-founded by Allen Lau and Ivan Yuen, Wattpad is a cloud-based open platform that allows readers and writers to exchange stories freely online and through mobile devices including those from Apple, BlackBerry, HTC, Nokia, Samsung, Sony Ericsson, Motorola, etc.
In conjunction with the funding, Union Square Ventures’ Albert Wenger has joined the company’s board.