BERLIN, March 28, 2022 /PRNewswire/ — Inkittthe world’s first data-driven content house, today announced that KKR Co-Founder and Co-Executive Chairman Henry Kravis has made a personal investment in the business that will support Inkitt in its next phase of growth.
“Working with Henry so far has been nothing short of a pleasure given his holistic approach to leadership. His investment speaks to the need for technological innovation in the publishing industry and also to the very bright future of Inkitt,” said Ali Albazaz. , founder and CEO of Inkitt. “As someone who has brought great success to hundreds of businesses, we are thrilled to have his support as we focus on our global growth.”
Mr. Kravis is an investor, businessman and philanthropist known for pioneering the private equity industry alongside George Roberts and Jerome Kohlberg. He co-founded KKR & Co. Inc., one of the world’s largest alternative investment firms, with approximately $460 billion in assets under management.
“Inkitt has succeeded in creating a platform that brings together personalized reading recommendations and storytelling in such a unique way that it creates a seamless, enjoyable and personal experience for authors and consumers – something that is increasingly crucial because the way people consume stories is constantly changing,” said Henry Kravis. “I have been so impressed with Inkitt’s growth over the past year and am excited to be a part of its future as Ali and his forward-thinking team expand their global footprint and continue to discover talent. hidden all over the world.”
Beyond his successful business ventures, Mr. Kravis is a philanthropist with a long history of supporting the arts, education and science. He is a director, chairman emeritus or trustee of several other cultural, professional and educational institutions, including The Business Council (former chairman), Claremont McKenna College, Colombia Business School (co-chair), Mount Sinai Hospital, the Partnership for New York City (former President), the Partnership Fund for New York City (Founder), Rockefeller University (vice president), Sponsors for Educational Opportunity (president) and the Tsinghua School of Economics and Management of China. In addition to his time, he made significant contributions to the New York one Mount Sinai Medical Center, Memorial Sloan-Kettering Cancer Center, Museum of Modern Art, Metropolitan Museum of Art and Claremont McKenna Collegehis alma mater.
Kravis’ investment follows an impressive year of growth for Inkitt in 2021, which saw its monthly revenue increase 5x from January to November, and a 9x increase in chapters read on Galatea, Inkitt’s sister app which features the most successful authors on the platform. Inkitt has to date raised a total of $83 millionincluding this recent investment from Kravis and the company $59 million B-series in October 2021one of the biggest Series B raises for a Berlin– based business. Inkitt’s goal in 2022 and beyond is to accelerate its exponential growth and global expansion – targeting the United States in the immediate future.
The Inkitt community now has 10 million users and 300,000 writers from around the world. Users spend the equivalent of 700 years reading on Inkitt’s platforms every month, earning $40+ million in revenue from its flagship immersive reading app, Galatea.
Inkitt’s proprietary technology enables the platform to showcase data-driven blockbusters. This includes a data model that identifies new talent and refines stories through A/B testing and monetization. The unique approach has allowed Inkitt to have a significantly higher success rate in discovering first authors than traditional publishing and media houses.
For more information, visit inkitt.com. Download the app for iOS here or for Android here.
Inkitt is the world’s first data-powered content house, providing a platform to uncover hidden talent and turn them into global bestselling authors. Using proprietary technology, Inkitt is able to not only identify promising writers, but then work with them to refine and monetize their work, with the goal of creating hit sales.
Inkitt was founded in Berlin in 2013 by Ali Albazaz, with the ambition to democratize publishing by putting the decision in the hands of readers. The mission is simple: to help aspiring writers find an audience for their work and launch their careers. By analyzing reader behavior, Inkitt can predict future bestsellers. If readers like it, Inkitt publishes it.
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