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.