Korean ebookstore Ridibooks raises $8M series B round

NEWS BRIEF: South Korean retailer Ridibooks has announced a US$8 million series B funding round from four venture capital firms. It claims to be the leading ebookstore in the country, exceeding 32 million ebook downloads so far. Investors in this round include NeoPlux, Company K, Mirae Asset Venture Investment, and Atinum Investment. Mirae Asset and Atinum invested in previous rounds.

Founder and CEO Kisik Bae says: “Ridibooks has been leading ebook growth in Korea, tripling business every year and now takes up more than 40 percent in market share.” Kyobo Books and Yes24 are the two biggest bookstores in South Korea selling both paper books and ebooks. Ridibooks hopes to succeed by just focusing on digital distribution.

Source: press release

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