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NewSpring taps tech growth vehicle to lead $11m Open Road Series C

20 Aug 2013

eBook-ReaderPennsylvania-headquartered private equity firm NewSpring Capital has led an $11m Series C financing round for e-book publisher Open Road Integrated Media by investing $8m in the business.

Existing investors Kohlberg Ventures, Azure Capital and Golden Seeds also took part in the funding round.

Open Road has published and marketed more than 4,000 e-books since its first in May 2010, with a back-catalogue including Iris Murdoch, Pat Conroy and James Jones.

NewSpring made the investment through its technology and business services growth equity fund NewSpring Growth Capital III, which closed on $250m in May.

Firm managing director Mike DiPiano, who will join the Open Road board of directors, said, “There is huge disruption in the publishing industry as business models are rapidly evolving and e-books are becoming a greater share of overall trade book sales.

“Open Road, as a digital publisher of e-books with a focus on the vast number of backlist titles, is perfectly poised to deliver value to its authors, as its marketing approach uniquely focuses on authors as brands and systematically creates authentic connections between the authors and the reader.

“[Co-founder Jane Friedman] and her talented team have developed a proven, scalable publishing and marketing platform and we are excited to join the company in its future trailblazing in the industry.”

The deal continues a flurry of activity for NewSpring, which sealed two deals in the space of a week in July.

It led a $15.65m equity financing for security and intelligence business VidSys and re-upped its investment in big data management business VelociData as part of a $10m financing round led by ex- Motorola CEO Christopher Galvin.

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