Wattpad, the YouTube of Stories, Inks $46M Round Led by OMERS

Toronto-based Wattpad has secured $46 million in new funding led by OMERS Ventures, with participation from August Capital, AME Cloud Ventures, Raine Ventures and Northleaf Capital Partners, among others. Wattpad is a social writing platform that allows users to write, discover or share stories on any device (think YouTube for stories). The network consists of 25 million active users, who add thousands of free stories each day. The company has attracted some major investors, racking up about $67 million in funding to date. Previous financings include a 2011 $3.5 million Series A and a 2012 $17.3 million Series B. Additional investors, which also participated in the new round, include Khosla Ventures, Union Square Ventures and Version One Ventures, among others.

Wattpad intends to use the new funds to hire more staff, particularly product developers. The company also plans to expand internationally, looking to capitalize on the fact that 50% of its network and activity comes from outside of North America.

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