Pencil, a Mumbai-based content publishing platform, has reportedly raised USD 1 million in a pre-Series A round which was led by American venture capital company SOSV along with participation from IPV (Inflection Point Ventures).
Sources claimed that Pencil’s funding round also saw participation from existing investors such as SucSEED and Mumbai Angels, along with other investors such as Artesian. The fresh funds will be utilized to expand Pencil’s tech team as it plans to introduce an advanced reader application.
For those unaware, Pencil allows authors to publish their books on its website for free and distributes them in more than 60 languages worldwide. Using analytics and dynamic editing, the organization aims to open the market to a global audience for budding writers to publish their work.
In addition to helping writers understand how their book is read, Pencil enables them to generate revenue by offering them an opportunity to work with publishers for translated versions of their books, with studios and OTT to turn content into video formats.
Swarup Nanda, founder, and CEO at Pencil mentioned that the company intends to fill the gap in creative space for authors by providing a dynamic, open, and genuine digital literary space where writers can publish, enhance their content, build audiences, and monetize their creative pursuits.
Meanwhile, Co-founder Ankur Mittal reportedly stated that Pencil is an exceptional platform that encourages writers’ self-publishing and provides individuals with the ability to benefit financially.
It is worth noting that this is the fourth investment this year for IPV since January and it intends to invest about USD 2 million in over 60 startups.
If sources are to be believed, Pencil is positioned in the creators’ economy vertical and intends to build a social storytelling platform in the upcoming months.
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