Dream Industries, a Moscow, Russia-based provider of a social reading service, raised $3m in Series A funding.
Retail company Ulmart made the investment. Following the investment, the companies will launch a joint digital content service on the Ulmart platform.
The company intends to use the funds to accelerate the global expansion of its Bookmate starting with Turkey, Scandinavia and Latin America in 2014, as well as further content acquisition to support expansion plans.
Launched in 2010 by Simon Dunlop, Bookmate is a social reading service based on a subscription model available across all mobile, tablet and online platforms. It has social features for expression and engagement enabling readers to discover, follow, recommend, interact with one another and find a Book mate, and connects publishers and authors with new markets and monetization channels by partnering with Mobile Network Operators (MNO’s), Device Manufacturers, online retailers and local government.
The service, which has 1.5 million active monthly users in Russia, Ukraine, Kazakhstan and other Russian speaking markets, has a library currently with over 400,000 books and partners.
It has over 300 publishers globally.