Wattpad has successfully completed a new round of funding.
The Toronto-based startup, which offers a new way for readers to discover and participate in the creation of stories, has raised $3.5 million in a Series A round. Investors include Union Square Ventures, Golden Venture Partners, W Media Ventures and investors from last Wattpad’s round. Wattpad is Golden’s first investment.
The additional capital will enable Wattpad to “move a whole lot quicker.” The company plans to hire more people and further develop its ideas, including enhancing its mobile presence.
Wattpad saw its one millionth user sign up this summer and also launched its Android and iOS apps.