Oyster Raised $3M for eBook Subscription Service

Source: TechCrunch, Oct 2012

The startup aims to be the first real subscription service for books. When it comes to digital entertainment content, you can either buy everything you want or subscribe to an unlimited service. Yet, ebook offerings are still behind.

The startup will share its revenue with publishers based on the number of times their book is read. Oyster is focusing on smartphone apps and wants to provide a better reading app on those devices than existing reader apps.

The New York-based company announced today that it has closed a $3 million round of financing led by Founders Fund with participation from SV Angel, Founder Collective, Shari Redstone’s Advancit Capital, Chris Dixon, Sam Altman and others.

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