German equity crowdfunding site Companisto has announced a platform record. The readfy funding campaign listed on Companisto raised €100,000 in just 24 hours and half a million Euros within six weeks. Over 1300 investors came together to back the company that offers free access to ten thousand e-books – including international best sellers. The company will support their service by incorporating advertisements in the e-books but will also a premium, ad free version.
The company was created to take advantage of the growing number of tablets and e-readers being purchased in Germany. In 2013 readfy estimated that 8 million tablets were sold – accompanied by 800,000 e-readers. Bitkom estimates that today 21% of the population read digitally across all age groups. Readfy is akin to Spotify or Deezer but for e-books – a business that as of yet does not exist.
The offer was initially set to raise just €25,000 with a maximum raise of €500,000 which was easily achieved. Price per share was set at €5.00.
Companisto has funded €4.9 million to date for 28 startups. Companisto lists over 15,000 registered investors and is available in 45 different countries. The Berlin based platform was founded by two lawyers – David Rhotert and Tamo Zwinge – and was launched in June 2012.
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