Dubbed the Spotify of books, literary service Oyster has raised $14 million led by Highland Capital Partners to help the company expand its team and scale its business. Oyster offers subscribers access to more than 100,000 books for $10 a month. Peter Thiel’s Founders Fund, which had invested $3 million prior, also participated in the latest round.
"In 2014, we'll continue to grow our team and expand our product, including releasing Oyster for Android, as we work to meet current demand and the demand we anticipate," cofounder and CEO Eric Stromberg told Fast Company. "Expanding the team will allow us to execute more efficiently across design, engineering, business, and marketing. This recent round of funding represents a long-term investment in our mission to inspire people through books."
Having launched in September, Oyster doubled its number of subscribers overnight when it launched an iPad app a month later. The company declined to elaborate on the size of its user base, but Stromberg said the last week of 2013 was its best yet in terms of activity. The company has also partnered with publishers, including HarperCollins and Houghton Mifflin, to expand its offering in hopes of luring in more readers.