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Wattpad Raised $17.5 Million in New Funding

Self-publishing community Wattpad has secured $17.5 million in new funding from Khosla Ventures. The funds arrived as the writing site posted some eye-popping numbers.

AppNewser has more about the daily posting rates and activities of Wattpad users. In a note to readers, Wattpad CEO Allen Lau explored how the site had grown since its 2006 launch. Here’s an excerpt:

Since then over 5 million stories in 25 languages have been uploaded to Wattpad! Not many people know that we’re seeing engagement numbers which rival Pinterest, as we give users a new way to create and be entertained. In May, people spent over 1.7 billion minutes on Wattpad; crafting and sharing original new fiction spanning romance, mystery, sci fi, thriller, poetry and even fanfiction remixes and mashups that have interesting implications for brands and celebrities like One Direction. But Wattpad isn’t just about the big growth numbers. We’ve created a positive, emotional product that fosters creativity and self-expression. We’re democratizing the written word and seeing incredible new types of collaboration come to life.

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