Social Reading Platform Readmill Acquired by Dropbox, Shutting Down by Summer

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Confirming rumors from earlier in the week, Readmill founder Henrik Berggren posted on the start-up’s blog that Dropbox has acquired the company, new users can no longer sign up and that it will be shut down on July 1.

The acquisition was for a rumored $8 million. The post provides an explanation and also instructions for users as to how to get their content out of the app.

For those of you who used Readmill and are looking for a new reading app: Ten Best Apps for Reading Ebooks on the iPad.

Here is Berggren’s complete post:

Epilogue

Three years ago, we set out to create an open, independent reading platform. We believed that the reading experience could be beautiful and that it was meant to be shared.

Along the way, we created a reading app for iOS and Android that proved these things to be true. We’re proud of the product we built, but even more so, we’re grateful for the community of readers that made it grow.

At every turn, your feedback shaped Readmill’s development, and your passion signaled a new chapter for reading. Together we wrote in the margins of ebooks and discussed our favorite passages from across the world. Thank you for helping to bring this reality into view.

Readmill’s story ends here. Many challenges in the world of ebooks remain unsolved, and we failed to create a sustainable platform for reading. For this, we’re deeply sorry. We considered every option before making the difficult decision to end the product that brought us together.

As of today, it is no longer possible to create a new account, and on July 1, 2014, the Readmill app will no longer be available. For the next three months, our first priority is to help you transition to other services and get back to reading. All of your books and reading data are available for export in multiple formats.

Our team will be joining Dropbox, where our expertise in reading, collaboration and syncing across devices finds a fitting home. Millions of people use Dropbox to store and share their digital lives, and we believe it’s a strong foundation on which to build the future of reading. We’re delighted to work alongside this talented team and imagine new ways to read together.

Thank you for the time and attention you’ve contributed to this community. It has been a privilege to read together, and we look forward to meeting again, in new ways, in the margins.

Sincerely,
Henrik, David & the Readmill team

 

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One thought on “Social Reading Platform Readmill Acquired by Dropbox, Shutting Down by Summer

  1. I can’t comment specifically on Readmill because I never used the app, but it sounds like they had good intentions.
    While having your start-up acquired for $8m is great for the business founders, it is not great for the customers. If a start-up plans to be commercially viable, they need to address monetization in their business model before start-up and plan for it – ‘fail to plan, and you plan to fail’.
    This highlights the disturbing trend I’ve noticed in tech start-ups – have a good (or great idea), raise lots of capital, bring the product/service to market quickly, get customers excited, then sell the product/service for big bucks.
    What ever happened to bootstrapping? Customer loyalty? In it for the long haul?

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