Join Transform 2021 this July 12-16. Register for the AI event of the year.


Reading e-books should be a very social experience — like many other things in life. People should be able to share their reading notes, their reading progress, and their bookmarks with their friends. It should be like a virtual reading group where people can move through books together, discussing the content along the way.

The social-reading subscription service Bookmate says it has 1.5 million monthly readers who feel this way, most of whom are in Russia, Ukraine, Kazakhstan, and other Russian-speaking markets. The company says it’s taking a $3 million funding round to bring the social-reading magic to more parts of the world in 2014, namely Turkey, Scandinavia, and Latin America.

The investment is coming from Russian consumer electronics retail giant Ulmart, which will gain the opportunity to sell e-books through the Bookmate site.

Currently, Bookmate’s library contains more than 400,000 books from 300 publishers globally. Bookmate says the e-book market is already mature in the U.S. and U.K., but such consumption is just starting to gain traction in less developed markets.

VentureBeat

VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
  • up-to-date information on the subjects of interest to you
  • our newsletters
  • gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
  • networking features, and more
Become a member