Scribd, a San Francisco, CA-based reading subscription service, closed a $58m equity financing round.
The round was led by Spectrum Equity.
The company intends to use the funds to extend product innovation and enhance operations.
Led by Founder and Chief Executive Officer Trip Adler, Chief Operating Officer Jared Fliesler and Chief Financial Officer Tony Grimmick, Scribd provides an unlimited reading subscription that offers access to books, audiobooks, news and magazine articles, documents and more. It is available across iOS and Android devices, as well as web browsers, and hosts more than 100 million readers across the globe every month.
The company also has offices in New York, Phoenix, Toronto, and Amsterdam.