PXR advises Inkitt on $37 million equity funding round

Inkitt, founded by Ali Albazaz in 2014, allows online authors to upload their books, ask for feedback and, in the best case, receive a book contract. Galatea, a distribution platform, is also part of the young company. Scott Sandell (New Enterprise Associates), Springer CEO Mathias Döpfner, publisher Stefan von Holtzbrinck and former Penguin Books founder Michael Lynton recently invested $59 million in Inkitt together with Kleiner Perkins, HV Capital, Redalpine and Speedinvest. Previously, $21 million had already been invested in the company, which employs around 100 people.