Australian E-book publishing platform, Tablo, has secured US$ 376k.
Here is proof that digital business is not only profitable but also very promising in Australia. Australia-based e-book publishing platform and writing community, Tablo, has announced that their company has successfully raised AU$400,000 (US$376,000) in seed funding.
With more than 10,000 authors from 100 countries on its platform, Tablo proved that digital business is not a small game anymore. The investment was led by Paul Reining, the former CEO of the Catch Group, who has joined the company as a Director and Advisor. Other participants include Kevin Hale, Partner, Y Combinator, and John Buck, an author with Tablo. Previously, Tablo, which was founded in 2012, had secured US$20,000 worth investment from Angelcube, an Australia-based mentor-driven accelerator which only accepts 10 startups a year.
“I started working on Tablo after I struggled to publish my own book. A lot of people think that, because publishing has gone digital, that it’s simple. It’s still incredibly complicated and expensive though, and it’s even harder for an author to have their work discovered”, said Ash David, Tablo’s 21-year-old founder.
The company gains revenue with a freemium-type service, where authors can create and join the community for free. However, in order to take advantage of premium writing and sharing tools as well as access to publishing their books in major bookstores, they need to pay a small monthly fee.