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Scribd invests USD 58m in Spectrum Equity-led financing round to support continued growth.

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BANKING AND CREDIT NEWS-December 2, 2019-Scribd invests USD 58m in Spectrum Equity-led financing round to support continued growth

(C)2019 M2 COMMUNICATIONS http://www.m2.com

Scribd has announced it has closed USD 58 million in financing led by Spectrum Equity to support growth, product innovation and enhance operations to change the way the world reads, the company said.

Terms of the transaction were not disclosed.

Over the past two years, Scribd has surpassed one million paying subscribers and nearly doubled its employee base and expanded its footprint with offices in San Francisco (HQ), New York, Phoenix, Toronto, and Amsterdam. It has also bolstered its executive team with the hire of a Chief Operating Officer and Chief Financial Officer.

Partnering with Spectrum Equity will allow Scribd to operate sustainably and efficiently while accelerating growth and continued investment in their employees.

Scribd launched in 2007 and introduced the world's first reading subscription service in 2013. Today more than 100 million...

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