Digital writing community Wattpad has raised $46 million in Series C funding. The money will help fund an expansion in the company’s team in Toronto. Wattpad is planning to move to a new downtown office space at the end of the month to accommodate the growing team. The money will also go towards supporting product development and community growth.
“We’ve grown 200% since this time last year and tens of thousands of people join the Wattpad community each day,” stated Allen Lau, Wattpad CEO and co-founder. “We’re on-track to become one of the most successful consumer Internet companies in the world. With this latest investment we’ll continue to build a Toronto company that has global impact.”
According to Wattpad’s latest revelations, the company now has 25 million members worldwide, who collectively spend 6 billion minutes a month engaging with Wattpad content a month. Interestingly, Wattpad is the leading app in the Philippines. In addition, 10 percent of overall Wattpad traffic comes from Spanish-speaking countries.