Scribd Receives $9 Million

Charles River Ventures (with reinvestment from Kinsley Hills Group and Redpoint Ventures) announced a $9 million dollar Series B financing. Scribd is a popular "web 2.0" community which allows individuals to upload documents such as whitepapers. The service has attracted more than 50,000,000 readers monthly and 50,000 new articles and documents uploaded daily. The financing will be used to add new hires who can assist in product development

As a part of the deal, Scribd has added George Consagra to the team. George was formerly the Chief Operating officer of Bebo, another web 2.0 social network. He will be serving as President. Considering that Consagra assisted in selling off Bebo to AOL, it appears that there may be an end goal of getting Scribd acquired by a larger company.

While Scribd hopes to maintain growth in the numbers of sites like Youtube and Facebook, there is legitimate question considering the additional effort required to create documents that are worthy of publication. At the moment, Scribd seems to attract higher quality content which requires more effort to create.

---

Recent News

• [2010-08-16] Enterpreneur Finds New Market with Schoolhouse Grill
• [2010-08-02] Scots Lead Great Britain in Entrepreneurial Enterprises
• [2010-07-27] Coup of an Entrepreneur

Related News

• [2010-07-26] Will Tax Increases Kill Entrepreneurship? One Entrepreneur Says No Way
• [2010-03-31] Winners of the Ernst and Young 2010 Your World, Your Vision Campus Competition are Announced
• [2010-03-25] YES Challenge and MoneyTree Asia Have Teamed Up For Young Entrepreneurs

Featured News

• [2010-03-24] Small Business Administration Budget Goes Awry, Hopeful Entrepreneurs Want A Change
• [2010-03-24] Entrepreneur Thrives in a Downward Economy
• [2010-03-24] Kelley School Gets Noticed For Entrepreneur Education