The ebook subscription market continues to heat up.
Scribd confirmed Friday that it has raised $22 million in funding to double down on its ebook subscription service.
“This new funding round will enable us to work towards achieving our goal of creating the most comprehensive library of the future for our millions of users around the world," Trip Adler, cofounder and CEO of Scribd, said in a statement.
Scribd, a popular document sharing service that launched in 2007, introduced an unlimited ebook subscription service in late 2013, joining a growing number of startups trying to do for ebooks what Netflix did for movies. Scribd's offering, which costs $8.95 per month, now includes ebooks from two of the big five publishers and a host of smaller publishing houses.
“The subscription model has already transformed the way we consume content like film and music, and Scribd is doing the same with books,” Keith Rabois, partner at Khosla Ventures which led the round, said in a statement. Rabois, who was previously COO at Square, will join Scribd's board as an observer.
Oyster, a New York-based ebook subscription startup, raised $14 million in funding last year and touts a similar list of partners to Scribd. Entitle, another subscription startup, raised more than $5 million in late 2013 and lets users keep the books they rent indefinitely.