To improve its user experience and reach new customers, South Korean e-book vendor Ridibooks has closed USD 8 million in Series B round from four venture capital firms- NeoPlux, Company K, Mirae Asset Venture Investment, and Atinum Investment.
The company claims to have 2 million users and claims over 32 million e-books have been downloaded using its platform. Founded in 2009, Ridibooks is an e-book store which is operated by Ridi Corporation.
South Korea is one of the top 10 book markets in the world in terms of the market volume. As per a TechCrunch report, the South Korea book market is currently worth about USD 3.2 billion in revenue per year, and is expected to grow 30 percent over the next few years.
Ridibooks is directly competing with Kyobo Books and Yes24, which sells print books as well as e-books on their website, but both firms are more focused on retail operations. While, Ridibooks founder Kisik Bae said, “Ridibooks is an IT company with strength in software and digital content development.” The firm is certainly in competition with multi-national online players like Amazon, who offer e-books among other things.
Image Source: Ridi Website