Axel Springer co-led a series B round for the online publishing platform developer as its valuation hits a reported $390m.

Germany-based online publishing platform Inkitt has secured $59m in a series B round co-led by publishing company Axel Springer at a $390m valuation, TechCrunch reported yesterday.

New Enterprise Associates co-led the round, which also featured HV Capital, the venture capital firm backed by publisher Holtzbrinck, as well as Kleiner Perkins, Redalpine, Speedinvest and private investors Michael Lynton and Stefan von Holtzbrinck.

Inkitt allows writers to publish samples of their stories on its online platform. They may then be analysed and…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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