Scribd Raises Venture Financing
Although this happened a while ago, we figured we should at least mention our venture round at some point in the Scribd blog – it is pretty big news for Scribd! You can read about this on TechCrunch here, which is the first place the news was covered correctly.
Scribd raised $3.5 million from Redpoint Ventures as well as $210,000 from the Kinsey Hills Group. Along with this money, Geoff Yang, who has invested in companies such as MySpace, AskJeeves, Tivo, and Excite, has joined our board of directors. We like Geoff and the other guys at Redpoint a lot and are very excited to work with them moving forward. The investment from Ed Kinsey and Mike Hills is in addition to the $40,000 they gave us pre-launch that allowed us to get off the ground.
We plan to use this money to help make Scribd better. We’re hiring several people to help us with things like adding lot’s of cool features, making sure 100% of the documents convert correctly, and responding to all of the great feedback we get from users. We’re also going to be moving out of our San Francisco apartment and into a real office where all of us can work together.