Startup Book Publisher Unbound Raises $2M For Kickstarter For Authors Platform

Just as crowd-sourcing and crowd-funding has taken off in recent years, it was clear this model was seeping into many other areas of business. One small startup that latched onto the model was Unbound, a UK startup that worked out that if they made their authors rock stars, then the fans would follow and subsequently fund a new model for publishing which did not require the “hits” model followed by traditional publishers. This was more a virtuous cycle where fans would fund new books and authors could generate new fans. Thus today, Unbound, what appears to be the world’s first crowdfunding publishing house, has secured a £1.2 million / $1.94 million funding round from Forward Investment Partners, DFJ Esprit and Cambridge Angels.
The company will use the funds to develop new platforms to engage the whole publishing industry, including literary agents, publishers and booksellers.
The Soho, London based Unbound – where all the best writers hang out – has a model where authors pitch ideas for books and supporters then pledge financial backing in return for rewards. Think Kickstarter for books and you’re close.
Launched in May 2011 by Dan Kieran (author of best-selling Crap Towns and The Idle Traveller), John Mitchinson (veteran publisher, writer and head of research for BBC’s QI) and Justin Pollard (historian, television producer and established author), unbound has to date raised almost £1 million from supporters of its authors. The average successful pitch raises £15,000 from 500 supporters.
Full Article