Content startup Pencil raises $1 mn in pre-Series A funding round
Content publishing platform Pencil recently raised $1 mn in a pre-Series A round led by US-based venture capital fund SOSV, with participation from Inflection Point Ventures (IPV). Many other angel investors like Artesian and existing investors — Mumbai Angels and SucSEED also participated. The funds raised will be used to scale up the company's tech team as it is working on launching a reader app.
Pencil enables writers to publish their books for free on its platform and distributes them globally in more than 60 languages. The company, with the use of analytics and dynamic editing, aims to open up the market for budding authors to publish their work for a global audience.
Besides helping authors understand how their book is being read through in-depth analytics and dynamic edits, the platform helps them generate revenue by getting them deals with publishers for translated versions of their books, with studios and OTT for adapting content into video formats. The company is positioned in the creators’ economy vertical and is aiming to create a social storytelling platform.