Digital publishing and sales platform Inkling raised $16 million in Series C funding and signed new deals with publishers Pearson and Elsevier.
To date, the company has raised a reported $33 million in funding in two rounds as well as $20 million in debt (the amount it raised in its August 2010 Series A round was not disclosed).
In addition to raising more money, Inkling has signed new publishing deals with giants Pearson and Elsevier. The publishers will use Inkling’s Habitat content management and creation technology to create and digitize new educational and academic products. In all, about a 1,000 new titles will be brought to the Inkling platform.
The company has also made some new hires to fuel its growth. Former Flipboard head of business development Gus Gostyla is now vice president of business development at Inkling. Former vice president of marketing at ModCloth, a clothing retail site, Hema Padhu is now vice president of marketing at Inkling. And Stephane Panier is now vice president of finance and operations at Inkling and has held similar positions at analytics start-up GoodData and Google.
Inkling Raises $16 Million, Closes Deals with World’s Leading Publishers
Interactive digital books pioneer expands publishing partnerships, strengthens consumer focus with key executive hires
Inkling, creator of interactive, digital books announced today strategic relationships with publishing giants Pearson and Elsevier to serve as the primary environment for creating next-generation digital learning products. This growth is further bolstered by a recent $16 million series C financing led by the Sequoia Capital’s Growth Fund, with additional support from Sequoia Capital’s Venture Fund and other existing investors, including, Felicis Ventures, Tenaya Capital, JAFCO Technology Partners. Inkling will use the capital to further establish itself as a destination for the world’s best interactive books.
The new agreements with Elsevier and Pearson establish Inkling Habitat, Inkling’s industry-leading cloud publishing platform, as the new standard for digital content development. As part of the agreements, Inkling also becomes a key distribution platform for Elsevier’s library of reference and learning content for both mobile and web.
Elsevier will bring more than 650 leading medical titles to the Inkling Platform. Student Consult and Expert Consult, Elsevier’s leading medical education and medical reference portals, will be powered by Inkling, benefitting a growing audience of clinicians and students.
The Inkling platform will provide users of Pearson and Elsevier products with high quality, well organized, searchable content that is presented in a rich, engaging experience complete with audio, video, and other interactive learning elements.
“The two largest publishers in the world have adopted Inkling to build their next-generation learning and reference platforms,” said Matt MacInnis, Founder and CEO of Inkling. “In just four months since launching, Inkling Habitat is becoming the standard for how people build digital content.”
Alongside Inkling’s existing library, over 1,000 new academic and medical titles will be made available through the Inkling Store on the web, iPad, iPhone and, soon, Android tablets and phones.
To support the rapid growth of Inkling’s consumer business, Inkling has hired three key executives to lead marketing, business development and finance and operations. Gus Gostyla has joined Inkling as VP of business development after serving as head of business development at Flipboard. Hema Padhu has joined Inkling as VP of marketing after serving as VP of marketing at ModCloth. Stephane Panier joined Inkling as VP of finance and operations, having held similar positions at both GoodData and Google.
Sequoia Capital, through its Growth Fund, recently led a $16 million series C investment in the company.
“Inkling is clearly leading the transformation in digital publishing,” said Bryan Schreier, partner at Sequoia Capital. “We studied the industry, and it was clear that only Inkling’s platform could deliver the full promise of interactive books to both publishers and consumers. They’ve set the standard.”
Hundreds of publishers, including Pearson, Elsevier, McGraw-Hill and Wolters Kluwer, are embracing the Inkling platform to manage their transition to digital publishing. In the next year, Inkling will add thousands of titles to its growing catalog of consumer content to become the destination for the world’s best interactive books.
Inkling is reimagining digital books by creating intuitive, interactive and engaging books built for mobile and web. World’s leading publishers are building their best digital content on Inkling’s cloud publishing platform – Inkling Habitat. Based in San Francisco, Inkling is backed by Sequoia Capital, and partners with the world’s leading publishers. For more information, visit www.inkling.com.
About Sequoia Capital
Sequoia Capital helps founders turn imaginative ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs,” the Sequoia team has worked closely with legendary founders such as Steve Jobs of Apple, Larry Ellison of Oracle, Len Bosack and Sandy Lerner of Cisco, David Filo and Jerry Yang of Yahoo!, Max Levchin, Elon Musk and Peter Thiel of PayPal, Sergey Brin and Larry Page of Google, Steve Chen and Chad Hurley of YouTube, and Reid Hoffman and Jeff Weiner of LinkedIn. Sequoia is now helping the next generation of innovators build the lasting companies of tomorrow.
Elsevier is a world-leading provider of scientific, technical and medical information products and services. The company works in partnership with the global science and health communities to publish more than 2,000 journals, including The Lancet and Cell, and close to 20,000 book titles, including major reference works from Mosby and Saunders. Elsevier’s online solutions include ScienceDirect, Scopus, Reaxys,ClinicalKey and Mosby’s Suite, which enhance the productivity of science and health professionals, and the SciVal suite and MEDai’s Pinpoint Review, which help research and health care institutions deliver better outcomes more cost-effectively.
A global business headquartered in Amsterdam, Elsevier employs 7,000 people worldwide. The company is part of Reed Elsevier Group plc, a world leading provider of professional information solutions. The group employs more than 30,000 people, including more than 15,000 in North America. Reed Elsevier Group plc is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV. Their shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RUK and ENL.
As the leading education services company, Pearson is serious about evolving how the world learns. We apply our deep education experience and research, invest in innovative technologies, and promote collaboration throughout the education ecosystem. Real change is our commitment and its results are delivered through connecting capabilities to create actionable, scalable solutions that improve access, affordability, and achievement. For more information, visit www.pearsoned.com.