Korean e-book platform Ridibooks raises $20m Series C

Photo: Ridibooks website

South Korean e-book vendor Ridibooks has secured a $20-million Series C funding from Praxis Capital Partners, ShinHan Finance Investment and Company K Partners, according to a Tech in Asia report.

The company, founded in 2009, currently caters to 2.5 million users with about 175 million e-books on its platform.

In December 2014, it raised a $8-million Series B round led by NeoPlux. Other investors in the round included Company K, Mirae Asset Venture Investment and Atinum Investment.

Ridibooks’ main competitors include Kyobo Books and Yes24, the two biggest bookstore chains in the country that sell paper books and e-books on their websites.

Korea is one of the world’s top ten largest book markets. According to The Publication Industry Agency of Korea, the country’s publishing industry posted $6.6 billion in sales in 2015, down nearly 4 per cent from 2014. Meanwhile, e-book sales increased by 25 per cent to over $110 million in 2014 and $113 million in 2015.

The agency said e-book sales are likely to rise to $120 million in 2017.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.