WattPad Raises $3.5 million in Funding

WattPad announced Monday that it had just finished up its Series A round, which was led by led by Union Square Ventures, along with W. Media Ventures and Golden Venture Partners, and that it now had an extra $3,500,000 to fund its epxansion.

The online writing community plans to use the funds to hire more staff. It wants to improve the user experience and expand Wattpad’s mobile presence. I’m told that the developers have some amazing ideas that they plan to implement which will fully take advantage of Wattpad’s growing number of mobile users, and rise in popularity of social networks.

This marked a umber of milestones for Wattpad, including its 1 millionth user, record number of Android and iOS app activations, and even more visitors from more countries than ever before.

“We think we’re in a great position to fully take advantage of the growing number of mobile users, social networks, the rise in eReading, the global Internet and cloud services to continue to build Wattpad into the best platform,” Allen Lau and Ivan Yuen, cofounders of Wattpad, said in a joint statement.