Wattpad Closes Funding Round

Toronto, Canada, January 11, 2010 --(PR.com)-- Riding on the success of 1,216% year-over-year growth in 2009, Wattpad today announced that the company has completed its first round of funding. A consortium of private investors including Harvey Beck and Alan Levine, former co-CEOs of ICOM and Bert Amato, co-founder of Delrina participated in this round.

Wattpad, also known as "YouTube for ebooks + MySpace for writers", is the world's most popular ebook community where readers and writers discover, share and connect. The investment will allow Wattpad to capitalize on its leading position in the red hot mobile, social media and ebook sectors.

“Just like YouTube which changed the way we create, watch and share videos, Wattpad is doing the same for books” said Allen Lau, CEO and Co-founder of Wattpad. “We are very excited to be in the leading position of this ebook revolution. The new investment we received will be used to leverage the company’s rapid growth and expand engineering, marketing and business development efforts.”

According to R.R. Bowker’s Books in Print database, in 2008, 276,489 books were published traditionally in the U.S. Today, monthly uploads on Wattpad are in excess of 25,000 and accelerating. This year the number of titles published on Wattpad will exceed that of traditional publishing as a whole and billions of pages will be read by its community on the web and mobile devices.

For more information, please visit http://www.wattpad.com/.

About Wattpad

Founded in 2006 by serial entrepreneurs and technology veterans Allen Lau and Ivan Yuen, Wattpad’s vision is to revolutionize the way people publish and read written works. The material on Wattpad is created by the community of users. Anyone can publish what they have written - a romantic story, a fan fiction, poetry or a novel - and read by anyone. All the content can be easily accessed on Wattpad's website (www.wattpad.com), mobile site (m.wattpad.com) or through the Wattpad application supported on all mobile devices including Apple iPhone, Google Android, RIM BlackBerry, Nokia, Motorola, Sony Ericsson, Samsung, LG and more.

Wattpad has experienced explosive growth since its inception. Wattpad, also known as "YouTube for ebooks + MySpace for writers", is now the world's most popular ebook community where readers and writers discover, share and connect, delivering billions of pages from its library of over 250,000 ebooks created by the community. Wattpad generates 10M monthly visits from its websites and mobile applications. With over 5 million downloads, Wattpad is also the most widely used mobile ebook application in the world.