MassVentures Leads $1.1 million Seed Round of Financing for Online Publishing Start-up Libboo

October 11, 2012 – MassVentures, focused on fueling the growth of innovative, technology-driven companies in Massachusetts, today announced its second investment in online publishing start-up Libboo. The $1.1 million seed round included investments from East Coast Angels, Hubspot CTO and founder Dharmesh Shah, Avid and Wildfire founder Bill Warner, and past President and CEO of Compete, Don McLagan.

Libboo, a TechStars Boston company and MassChallenge finalist, is an online platform that connects “buzzers” (passionate readers and advocates who love to raise awareness about the books and authors they enjoy) with books from talented authors, to more effectively get those authors discovered by new audiences. With its launch, Libboo introduced revolutionary ways to combine the power of reader and author to create award-winning bestsellers.

“It’s been a big win for Libboo to have partnered with MassVentures since our involvement with MassChallenge. They recognized our unique approach to helping talented authors, in an overly crowded space, gain visibility and promote their work, and have been a valuable partner in helping bring this to reality,” comments Libboo CEO, Chris Howard. “Libboo is committed to creating a place for talented authors to get discovered and rewarded for their talent. It is important that Libboo’s investors be passionate and visionary angels and VCs looking to be a part of an industry shift.”

The round will allow Libboo to continue to grow its all-star team, specifically in engineering, operations, and business development. Libboo sees its investors as just as much a part of the team as the full-time staff. Their combined strengths and drive to move the publishing industry into the future will be invaluable in Libboo’s goal to discover the next digital bestseller.

“We are excited to be increasing our investment in Libboo. We originally invested in Libboo back in January when the company was one of two winners of our MassChallenge Fast Track Program, an annual program focused on giving high-potential, Massachusetts startups the runway needed to prove out their value proposition,” said Nick Pappas, Vice President at MassVentures. “We continue to be impressed by Chris’ vision and the progress that he and the team have made over the past 10 months. We look forward to working with them in this next phase of the company’s development.”