Vancouver startup BitLit has raised a round of funding from Kobo’s founder and former CEO, Michael Serbinis and Three Angels Capital. Also taking part in the round was Mike Volker (WUTIF fund) and Jim Fletcher.
No dollar figure was reported by the seed-stage startup. If we had to guess, we’d speculate that’s it in the $500,000-$750,000 range.
BitLit allows users to use its app to acquire an eBook provided that they own a physical copy of the book. The eBook is either free of charge or can be purchased for a discounted rate.
After downloading the free app, users need only to prove they own the print book by writing their name onto the book’s copyright page and taking a picture with their smartphone. “We are thrilled to have raised our seed financing from investors with backgrounds in both technology and publishing,” said BitLit CEO Peter Hudson.
Available on both iOS and Android, the Vancouver startup’s app has taken advantage of partnerships with 85 publishers including O’Reilly, Other Press, ECW Press, Osprey Group, Greystone Books, and Berrett-Koehler. BitLit has over 10,000 titles available for print and ebook bundling. Approximately 30 percent of BitLit’s bundled ebooks are free if a user owns the print copy.