Ukrainian startup Litnet.com raises $330k in investments. It sells 2.5 million books a year
Startup Litnet.com, which sells e-books, has raised $330,000 investment.
Litnet.com raised funds from an investment fund Admitad Invest. The amount of the share sold is not disclosed.
According to the company’s representatives, this deal allowed the current investor, who supported the project in 2016, to return “a significant part of the investment” with a good return on investment.
What Litnet.com does
According to the company, the daily audience of the project is about 350,000 users, while the Android application has about 85,000 users. The company’s turnover in 2018 amounted to about $3.5 million. Litnet.com sells about 2.5 million books a year.
Litnet.com was founded in 2015 by writer Andrey Nechaiev and entrepreneur Sergiy Grushko (the latter had job experience in a game development industry, in particular at GSC Game World and Vostok Games). Initially, the startup was called Lit-Era, where authors’ blogs, books, and fantasy news were published.
In 2017, the project was launched as Litnet.com and in 2018 became a multilingual website. Currently, besides the Russian version, the project has Ukrainian, Spanish, and English ones. In 2019, the company started publishing paper books in Russian. The company also plans to have the German and Polish versions of the website, wherefore it is negotiating with partners in these countries.