Open Road Media, a three-year-old company who started out as an ebook publisher, has quickly grown to one of the most widely recognized names in digital publishing and ebook distribution. In the time since their official launch, Open Road now has a catalog of over 4,000 titles that they have either published or produced the digital version for, making them one of the highest trafficked digital-only entities.
Now, Open Road has announced its deal with NewSpring Capital, a
According to a blog post on the venture from Open Road Media’s co-founder and CEO Jane Friedman:
“As we continue to build Open Road into the premier digital publishing and marketing company, we welcome NewSpring Capital with all its experience in the digital space. With their support and with the continued backing of existing investors Kohlberg Ventures, Azure Capital, and Golden Seeds, Open Road is the company that is looking to the future. It will become the model for the twenty-first century publishing and digital media company.”
The post went on to explain:
Mike DiPiano, managing general partner of NewSpring, who now joins Open Road’s board of directors, said, “There is huge disruption in the publishing industry as business models are rapidly evolving and ebooks are becoming a greater share of overall trade book sales. Open Road, as a digital publisher of ebooks with a focus on the vast number of backlist titles, is perfectly poised to deliver value to its authors, as its marketing approach uniquely focuses on authors as brands and systematically creates authentic connections between the authors and the reader. Jane and her talented team have developed a proven, scalable publishing and marketing platform and we are excited to join the company in its future trailblazing in the industry.”
The goal for this new deal is to help Open Road make some industry-changing innovations, especially in the area of technology and acquisitions on a global scale.