OMERS Ventures backs Wattpad’s Series B round


OMERS Ventures, the venture capital investment arm of Canadian pension fund OMERS, has invested in Wattpad, an online community for sharing stories.

OMERS Ventures joins Wattpad’s existing investors which include Khosla Ventures, Union Square Ventures and Golden Venture Partners.

“We see this as the ideal trifecta, having world-class investment partners from Silicon Valley, New York and Toronto,” said Wattpad CEO Allen Lau. “OMERS Ventures and our other investors will be true partners in our vision for building a company that will transform the publishing ecosystem.”

“It’s astonishing when you grasp the ability Wattpad has to fundamentally transform the very nature of a book by adding a real time, mobile social dynamic to the storytelling process. We’re not only excited to be an investor, we’re also extremely proud that this homegrown Canadian company has such a huge global following and growth prospects,” added Howard Gwin, managing director of OMERS Ventures.

Wattpad said it will use funding proceeds to further expand its team and bring in new talent through hiring and acquisitions. They will also focus on product enhancements and expanding their community.

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