Henry Kravis Invests in Data-Driven Content House Inkitt Amidst Booming Company Growth

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BERLIN, March 28, 2022 /PRNewswire/ -- Inkitt, the world's first data-driven content house, today announced that KKR co-founder and co-executive chairman Henry Kravis has made a personal investment in the company that will support Inkitt in its next phase of growth.

"It's been nothing short of a thrill to work with Henry thus far given his all-hands approach to leadership. His investment is a testament to the need for technological innovation in the publishing industry and also to Inkitt's very bright future," said Ali Albazaz, founder and CEO of Inkitt. "As someone who has brought great success to hundreds of companies, we're excited to have his support as we focus on our global growth."

Mr. Kravis is an investor, businessman and philanthropist known for pioneering the private equity industry alongside George Roberts and Jerome Kohlberg. He co-founded KKR & Co. Inc., one of the largest alternative investment firms in the world, with approximately $460 billion in assets under management.

"Inkitt has managed to build a platform that brings together personalized reading recommendations and storytelling in such a unique way that it creates a seamless, enjoyable, and personal experience for both authors and consumers alike — something increasingly crucial as the way people consume stories is constantly changing," said Henry Kravis. "I have been so impressed with Inkitt's growth over the last year and am pleased to be part of its future as Ali and his forward-thinking team expand their global footprint and continue to discover hidden talents all over the globe."

Beyond his successful business ventures, Mr. Kravis is a philanthropist who has long supported the arts, education and sciences. He serves as a director, chairman emeritus, or trustee of several other cultural, professional, and educational institutions, including The Business Council (former Chairman), Claremont McKenna College, Columbia Business School (Co-Chairman), Mount Sinai Hospital, the Partnership for New York City (former chairman), the Partnership Fund for New York City (Founder), Rockefeller University (vice chairman), Sponsors for Educational Opportunity (Chairman), and the Tsinghua School of Economics and Management in China. In addition to his time, he has made significant contributions to New York's Mount Sinai Medical Center, the Memorial Sloan-Kettering Cancer Center, the Museum of Modern Art, the Metropolitan Museum of Art, and Claremont McKenna College, his alma mater.

Kravis' investment follows a year of impressive growth for Inkitt in 2021, which saw monthly revenue increase 5X from January through November, and a 9X increase in chapters read on Galatea, Inkitt's sister application that features the platform's most successful authors. Inkitt has to-date raised a total of $83 million, including this recent investment from Kravis and the company's $59 million Series B in October 2021, one of the largest Series B raises for a Berlin-based business. Inkitt's focus in 2022 and beyond is to accelerate its exponential growth and global expansion - with sights set on the U.S. in the immediate future.

The Inkitt community today has 10 million users and 300,000 writers from all over the world. Users are spending the equivalent amount of 700 years reading on Inkitt's platforms every month, with a revenue run-rate of +$40 million from its flagship, immersive reading app, Galatea.

Inkitt's proprietary technology allows the platform to showcase data-driven blockbusters. This includes a data-model that identifies new talent and refines stories through A/B testing and monetisation. The unique approach has resulted in Inkitt having a significantly higher hit rate discovering debut authors than the traditional publishing and media houses.

For more information, visit inkitt.com. Download the app for iOS here or for Android here.

About Inkitt:

Inkitt is the world's first data-powered content house, providing a platform to discover hidden talents and turn them into globally successful authors. Using proprietary technology, Inkitt is able to not only identify up-and-coming writers but then works with them to refine and monetize their work, aiming to create blockbuster-level sales.

Inkitt was founded in Berlin in 2013 by Ali Albazaz, with the ambition to democratise publishing by putting the decision in the readers' hands. The mission is simple: to help aspiring writers find an audience for their work and kick-start their career. By analysing reader behaviour, Inkitt can predict future bestsellers. If readers love it, Inkitt publishes it.

SOURCE Inkitt