Literati Raises $12 Million Series A to Boost Subscription Book Club for...

Financing

Literati Raises $12 Million Series A to Boost Subscription Book Club for Kids

Oct 25, 2019

Literati, an Austin, Texas-based subscription book service for children, has raised $12 million in a Series A round led by Nikhil Basu Trivedi at Shasta Ventures.

Former Twitter CEO Dick Costolo of 01 Advisors, Katie Jacobs Stanton and Jessica Verilli of #Angels, Dan Graham of Springdale Ventures, Eventbrite founder Kevin Hartz, GLG founder Thomas Lehrman, and former National Economic Council director Allan Hubbard also participated in the round, according to a statement Wednesday.

Founders Fund Pathfinder and Silverton Partners provided follow-on investments. Brent Montgomery at Wheelhouse, backed by comedian and late-night host Jimmy Kimmel, provided additional funding.

Founded in 2016, Literati will use this round to grow the business and hire new employees. For a $9.95 monthly subscription, the company delivers boxes of five curated books for children as old as 12. Literati packages also come with custom artwork and personalized book labels. Readers try the books for seven days and buy the ones they want to keep.

Literati isn't the only kids reading subscription service to capture investor intrigue. Epic, which offers an online service, raised $30 million earlier this year.

  

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