Wattpad new 46 million dollars for global expansion

Wattpad, a communication author and reader, a social writing platform designed to allow users to create text in a collaborative atmosphere, has completed a 46 million-dollar C-round financing. The financing was Omers Ventures (the venture capital of the Ontario Pension fund) and August capital and former investors Khosla Ventures, Union Square and Jerry Yang.

In 2012, Wattpad had harvested the 17.3 million-dollar B-round of the Khosla, which has not been used up so far, so there is no shortage of money at the moment. So what is the Wattpad of this financing? According to CEO and co-founder Allen Lau, the main aim is to push ahead with its global expansion plan and to provide better support for the growth of the number of users.

Allen Lau believes in a basic human need for reading and writing, and Wattpad hopes to become a super platform with a level 1 billion user. When the 12 financing was completed, Wattpad already had 8 million months of independent visitors and 2 billion minutes of monthly use. Now Wattpad's monthly independent visitor has exceeded 25 million, and the user spends more than 6 billion minutes a month on the top, with a total growth of more than twice times.

Although Wattpad is not yet a household name, it has built a global network of authors and readers, with more than 50% of users from outside North America. In view of this, Wattpad's next major focus is on providing global support to users, regardless of where they come from.

Unlike other writing platforms, Wattpad's main position is on the mobile side, which currently has 85% of traffic and uses from mobile devices. Last August Wattpad a project for a public-funded writing program, but the project was closed when I went to see it recently.