Fable, a Palo Alto, CA-based platform for social reading to improve mental wellness, raised $20m in Series A funding.
The round was led by Tiger Global with participation from Redpoint Ventures, Gaingels, Breyer Capital, defy.vc, and others.
The investment will be used to accelerate growth in consumer and enterprise segments.
Founded by tech industry veteran Padmasree Warrior and launched in April, 2021, Fable provides a social platform for book clubs and stories. The app features book recommendations by tastemakers and offers members a platform to create their book lists, start or join book clubs, and discuss books with other readers while sharing highlights, comments, links, and pictures.
Fable currently hosts hundreds of book clubs including those hosted by notable BookTok influencers including @aymansbooks, @moongirlreads, @chamberofsecretbooks, and many others. The app also hosts premium clubs hosted by LeVar Burton and Sean Astin.
Previously, the company had raised $7.25m in seed funding led by Redpoint Ventures.