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Wattpad, an online writing community that lets users share and collaborate on stories across platforms including mobile apps, has closed a $3.5 million first round of funding led by Union Square Ventures.
W Media Ventures (founded by Boris Wertz, who was also the founder of AbeBooks), Golden Venture Partners and existing angel investors also participated in the round. Golden Venture is a new mobile-focused seed fund based in Toronto and Wattpad is its first investment.
Wattpad, which is based in Toronto, has 1 million users–including aspiring, self-published and professional writers–who share about 200,000 stories each month. The site also partners with publishers like St. Martin’s; Little, Brown; Open Road and Fourth Story Media. The majority of the site’s traffic comes through its mobile apps, and the new funding will be used in part to enhance the site’s mobile experience.