AUSTIN, Texas, Jan. 27, 2021 /PRNewswire/ -- Austin-based Literati has announced a $40M Series B round to further invest in deep product and technological innovation in the book and literature space. The Series B round was led by Aydin Senkut of Felicis with additional funding from Dick Costolo and Adam Bain of 01 Advisors, Founders Fund, General Catalyst, Shasta Ventures, Silverton Partners and Springdale Ventures. Stephen Curry also participated in the round, playing a major role in Literati's recent expansion into book clubs for adult readers.
Founded in 2017 by CEO Jessica Ewing, Literati is an innovative literary brand on a mission to promote lifelong learning through the thoughtful curation and discussion of books.
"We are so proud of Jessica and the Literati team for building a platform that connects and builds diverse, inclusive communities that share a love for books," said Aydin Senkut, Founder and Managing Partner at Felicis Ventures. "We believe the Literati team is well-positioned to promote literacy and transform the way communities connect over books. They will help a growing number of authors thrive by exposing them to communities that not only love their books, but want to discuss them. "
This year Literati launched its luminary platform which features curated book clubs from notable figures including Nobel Laureate Malala Yousafzai, two-time NBA MVP Stephen Curry, entrepreneur and philanthropist Sir Richard Branson, New York Times-bestselling author Susan Orlean, and Joseph Campbell (via the Joseph Campbell Foundation). Book club subscribers receive a custom edition print book in the mail each month, along with access to Literati's app where club members, luminaries, and authors discuss each month's selection.
"I wanted to start my own book club with Literati, because their mission to better the world through reading naturally aligns with my values as an entrepreneur and father," said Stephen Curry. "I was a fan before I was an investor, and am so proud to be a part of a company that works to better the lives of others, one book at a time."
In 18 months, Literati Kids became the largest children's book club in the United States. Literati has seen 300% growth year over year, and this latest round of fundraising will help the company fuel deep innovation by allowing for the team to grow and focus on key areas including product design, algorithms and data science, infrastructure and architecture, and user experience. Literati has positioned itself as a book seller that truly cares about authors, books and creating meaningful connections.
"There is not a lot of innovation and growth happening in the humanities. Literati has become a home to people who care about art and science, creativity and data, technology and life," said Jessica Ewing, Founder and CEO. "Our first priority is finding all those brilliant people and bringing them in to build with us. "
Based in Austin,Texas Literati is a subscription book club company. Since 2017, Literati has provided a unique try-before-you-buy book club service to kids 12 and under. Most recently the company has expanded its product line, offering book clubs curated by "luminaries," a collection of authors, intellectuals, and other notable figures.