Home » Many millions for Inkitt: That’s how much the book startup is already worth

Many millions for Inkitt: That’s how much the book startup is already worth

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Many millions for Inkitt: That’s how much the book startup is already worth

Inkitt from Berlin receives multi-million euro financing from renowned investors. In total, over 100 million have already flowed into the book startup.

Ali Albazaz is the founder of Inkitt. Inkitt / Farina Deutschmann

The startup scene is one in which you always come across certain buzzwords: for a while, all startups wanted to become the “Spotify” or “Netflix” of their industry. Inkitt from Berlin is putting forward another, older name for itself: Disney.

Inkitt, loud Financial Times By 2023, it will be the fastest-growing company in Germany and wants to become the “Disney of the 21st century”. With his vision, founder Ali Albazaz has now raised around 34 million euros (37 million US dollars). In total, around $117 million has already flowed into the startup with this Series C. According to the current financing round, Inkitt’s valuation amounts to around 370 million euros.

AI meets literature, meets reader data: With Inkitt, everyone should be able to write a bestseller, that’s how the startup advertises it. Inkitt users can upload book ideas, chapters and entire manuscripts to the platform – just like Instagram users upload photos to the platform. As on Instagram, you get feedback from other users on Inkitt who can like and review the texts.

Very good feedback on Inkitt is not just worth it for your ego: the platform attracts popular writers with book contracts and thousands of euros per month. Inkitt sells its works via a second platform, Galatea. Inkitt also uses data from its users’ reading behavior to make predictions for future bestsellers. The platform can be supported by AI.

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Audio books, series and video games from Inkitt?

The Inkitt AI is to be further expanded as part of the Series C so that it can also produce personalized book versions for specific readers. Inkitt also wants to expand into audio and video games, writes Tech Crunch. Two months ago Inkitt got his first TV series, which adapts a book series published on the platform, has been launched: Video content will also play a larger role in the future. These will initially be realized with ‘real’ actors, but will be AI-generated in the future.

Inkitt now employs around 100 people in Berlin and San Francisco. The Series C is led by Vinod Khosla and Khosla Ventures. Other investors include previous backers such as NEA, Kleiner Perkins and Redalpine, as well as additional unnamed investors.

In an interview with Gründerszene last year, CEO Albazaz said about his business model: “We are the first reader-run publisher.” In the past, publishers always relied on a few decision-makers to determine whether a book had bestseller potential. Albazaz can’t ignore another buzzword: Inkitt also wants to revolutionize something: “As a data-driven publisher, we have revolutionized the publishing industry and put publishing decisions in the hands of the readers,” says the 37-year-old.

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50 million euros for Berlin e-book startup Inkitt

In 2021, Inkitt last raised 50 million euros in a Series B. The round was led by Scott Sandell, head of US venture capitalist New Enterprise Associates and shareholder in Snapchat, Robinhood and Salesforce. Mathias Döpfner, CEO of Axel Springer, as well as Michael Lynton, chairman of the Snapchat board, and Stefan von Holtzbrinck from the VC firm Holtzbrinck Digital were also there as business angels.

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Last year, Ali Albazaz told us how he was ultimately able to convince business angel Christian Vollmann despite over a hundred no’s from investors. He also revealed his favorite book on the subject of productivity.

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“I was rejected by 140 investors”

Note: Axel Springer is a shareholder in Business Insider Deutschland GmbH, the Gründerszene media company. You can find more information about Business Insider here.

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