Social media startup Fable has developed and launched a platform built to help users find and join a book club for their favorite works and new books alike. The company recently announced the close of its Series A funding round led by Tiger Global.
Fable’s Social Media Platform and Growing Business
Fable has both an online presence and a mobile app available on iOS and Android devices. The social media platform has a number of unique options, with the hallmark feature being its many book clubs. The tech startup allows users to both join an existing book club for a book or series they are interested in, or they can start their own club for books without one.
The company has designed direct discussion and moderation tools that allow users to openly talk about the book with the club, highlight specific quotes to share, and post photos or links relevant to the story. Additionally, the book clubs can set schedules and discussion dates to encourage interaction and more focused discussions.
The Fable app was launched in April of this year and has steadily grown its user base since. The social media startup now hosts hundreds of book clubs and has a built-in web store where users can buy online copies of books to continue participating in the club once a new book is decided upon.
As Fable’s business grows, the company has launched several book clubs hosted by notable celebrities and literary influencers including Levar Burton, Sean Astin, AymansBooks, ItsTheBookDoctor, and LaTearaReads. These premium book clubs generate larger membership and are more centered on the host instead of an individual series or novel.
Fable Funding Round and Business Goals
In its Series A funding round, Fable raised $20 million in capital. Alongside Tiger Global, the business round saw participation from Redpoint Ventures, defy.vc, Breyer Capital, and Gaingels. The startup company has now raised a total of $27.25 million in business capital.
The startup company plans to use the new funding to further grow its user base through marketing and advertising campaigns. The social media startup also plans to expand its business by selling books and adding more options to its current selection. Other plans include increasing the number of premium memberships by adding more exclusive features and celebrity book club hosts.
Fable is entering the rapidly growing global ebook market, which is projected to grow by nearly $7 billion between 2021 and 2025. It is expected to achieve this at a compound annual growth rate (CAGR) of 7.25%. Major players in the ebook market include Amazon, Rakuten Kobo, Barnes & Noble, Apple, and ebooks.com.
When commenting on the latest funding round for the company, founder and CEO of Fable Padmasree Warrior said, “We are a pioneer in social reading and are excited to see our community grow by leaps and bounds in 2021. We are looking forward to expanding the social platform we built, from books to other formats of stories. This investment will help us promote reading and stories in service of mental wellness. We are thrilled to be the social destination for story lovers and avid readers.”
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.