Pocket (formerly Read It Later) raises $5m in second funding round

Pocket, the company for saving online content formerly known as Read It Later, has raised $5 million in a Series B funding round and will use the money to expand its platform.

The funding round was led by Foundation Capital, with participation from Baseline Ventures and Google Ventures.

Read It Later relaunched as Pocket in April and made its app completely free. The company says it has nearly six million users, up from about 4.5 million in April, saving a million pieces of content a day. It is integrated into over 350 third-party apps, including Flipboard and Twitter. Thirty percent of the content saved to Pocket is saved from news and reader apps.