Scribd has raised $58 million in new funding led by growth firm Spectrum Equity.
The company first launched as a document-sharing service in 2007 before creating an e-book subscriptio in 2013. It now offers access to a library of e-books, audiobooks, newspapers and magazines for $8.99 per month. (Access is unlimited for most subscribers, but Scribd can cap the reading and listening of its most active users.)
At the beginning of this year, the company announced that it had more than 1 million paying subscribers. It also said it was seeing more than 100 million visitors each month (many of them brought in by the free document-sharing), it’s been profitable since 2017 and it’s bringing in $100 million in annual recurring revenue.
Since then, the