Digital publisher Open Road has raised $11 million in funding in a round led by NewSpring Capital, Open Road cofounder and CEO Jane Friedman announced Monday.
The new round brings the total amount of money that Open Road has raised to $24 million. Friedman outlined how the company plans to use the funding:
“*Technology: continue to enhance the technology platform that drives our marketing efforts.
*Expansion: create businesses compatible to the Open Road mission (like Open Road Distribution) for additional revenue streams.
*Global: expand our International Publishing Partners Translation Program, which recently launched with eight partners including Mondadori, Barcelona eBooks, and A.W. Bruna, and increase merchandising and marketing of our English language titles abroad.
*Acquisitions: invest in appropriate content and technology companies.”
Existing investors Kohlberg Ventures, Azure Capital, and Golden Seeds contributed to the round.
Open Road launched in 2009 and focuses heavily on marketing older titles that it is releasing as ebooks for the first time.