Fiction app Radish bags $63.2m from SoftBank Ventures Asia, Kakao Page

US dollars. Photographed by Colin Watts on Unsplash

New York and South Korea-based serialized fiction startup Radish has secured $63.2 million in Series A funding round led by SoftBank Ventures Asia and Kakao Page, a subsidiary of global business content firm Kakao.

Established in 2016 by Korean entrepreneur Seung-yoon Lee, Radish is a mobile fiction platform for serialized storytelling. Its wide variety of stories are published and read in bite-sized installments optimized for the smartphone reader.

Readers can access thousand of serials across genres and connect directly with their favorite storytellers in live community chat rooms. Authors can publish their own original stories, revive backlist titles with a mobile readership, and pre-release upcoming books.

The fresh fund will be used to strengthen its leadership team, hire new writers and data scientists and operate a new office in Los Angeles.

The four-year-old company aims to become the Netflix Inc. of reading apps by hiring a hundred scriptwriters including Hollywood veterans to collaborate on original novels in a serialized or episodic format, according to Bloomberg News.

Radish had earlier raised $5 million in a seed funding round in 2017. The new investment brings Radish’s total funding to more than $68 million to date.

The company’s revenue has grown 25 times over the past year, to more than $100,000 daily, and the platform has produced more than 6,500 episodes across 30 original series, per a Crunchbase report.

SoftBank Ventures Asia is the corporate venture capital arm of SoftBank Group that specializes in IT startup investment. Last December, the firm reached the second close for its latest early-stage fund at 341 billion won, or $341 million. The fund will target startups across the Series A to C stages and invest between $2 million and $15 million in each deal.

Most recently, SoftBank Ventures Asia along with real estate private equity firm Gaw Capital invested $25 million Series A in Vietnamese property technology startup Propzy.

 

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.