E-book conversion company LibreDigital is about to announce it has raised $8.1 million in a series C round.
LibreDigital takes books and coverts them into the ePub format Apple uses in its iBookstore. It can also convert books for Kindle, NOOK, Sony, and Google.
The e-book market is expanding quickly as Kindles and iPads proliferate. With that growth comes fragmentation, since Apple prefers the ePub format, while Amazon favours its own proprietary format, .AZW.
LibreDigital is taking advantage of this fragmentation to build its own business.
After LibreDigital converts a book, it gets the book in the iBookstore. The publisher chooses the selling price within Apple’s approved parameters. The publisher gets 55% of the sales price, LibreDigital gets the rest, minus Apple’s cut.
The round was led by S3 Ventures. Previous investors Adams Capital Management and Triangle Peak Partners also participated. LibreDigital lists HarperCollins Publishers, The New York Times Company and Noro-Moseley Partners as investors.