Kohlberg Ventures Increases Its Investment in Open Road Integrated Media to $7 Million
(PRESS RELEASE) New York, NY June 2nd, 2010 — Kohlberg Ventures increased its investment in Open Road Integrated Media LLC (www.openroadmedia.com), a digital content company that publishes and markets ebooks by creating connections between authors and their audiences. The venture capital firm invested an additional $4 million in Series A financing, building upon its original $3 million investment in August 2009.
Jim Kohlberg, Founder, Kohlberg Ventures, said: “With the convergence of expanding device options and the rapid adoption of ebooks, we strongly believe that the Open Road model and its team are uniquely positioned to succeed in the marketplace. We are pleased to continue our support through additional funding.”
Jane Friedman, CEO and Cofounder of Open Road, said: “Jim Kohlberg is the perfect partner for Open Road and we are proud that his confidence in our company and our performance has only grown and strengthened since our launch.”
Open Road ebooks are currently available on Amazon Kindle, Apple iPad, B&N nook, and Sony Reader with more announcements to come about additional etailers.
About Kohlberg Ventures
Kohlberg Ventures invests in early stage digital media, consumer product and clean tech companies and draws on over twenty years experience of bringing patient capital to compelling business opportunities. We provide ongoing support with strategic guidance, supplemental talent and an extensive network of domain experts. We recognize that few ventures grow as originally planned, and we’re proud of our record in helping entrepreneurs navigate the tactical shifts necessary to thrive.
About Open Road Integrated Media
Open Road Integrated Media LLC (www.openroadmedia.com) is a digital content company that publishes and markets ebooks by creating connections between authors and their audiences. The company’s ebooks offer a 360-degree world of existing and originally produced premium content that is marketed through a new proprietary online platform.
Open Road’s Author Branded Backlist program focuses on extensive backlist catalogues. Open Road has also formed co-marketing partnerships with independent publishing houses for their digital titles, and will publish new titles that are “born digital” in the company’s E-riginals division. Follow Open Road at: twitter.com/openroadmedia and facebook.com/openroadmedia.
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