Fable, a wellness startup based in Palo Alto, has raised $20 million in Series A funding to facilitate the formation of book clubs and story sharing.
The funding round was led by Tiger Global with participation from Redpoint Ventures, Gaingels, Breyer Capital, defy.vc, and other firms. The round brings the total funding raised by Fable to $36 million, which will accelerate its growth in the consumer and enterprise segments. Evan Feinberg, Partner at Tiger Global, referred to the round by stating:
“Starting with social reading, Fable is poised to be a category-defining company that brings social and content together. We are excited to support the Fable team as they take this next step in their journey.”
Fable was founded in 2019 by tech industry veteran Padmasree Warrior, launching its platform in April of this year to allow bookworms to create book lists and book clubs, allowing them to discuss books with other readers. The startup now offers almost 1 million ebooks from key indie and big publishers, as well as clubs directed by personalities like Sean Astin. Padmasree Warrior, founder and CEO of Fable, said in this regard:
“We are a pioneer in social reading and are excited to see our community grow by leaps and bounds in 2021. We are looking forward to expanding the social platform we built, from books to other formats of stories. This investment will help us promote reading and stories in service of mental wellness. We are thrilled to be the social destination for story lovers and avid readers”
According to the Association of American Publishers (AAP), the publishing industry generated over $25.71 billion in revenue in 2020, which is an insignificant variation as revenue has ranged between $25 and $26 billion ever since 2016. By helping readers transform their reading into a social experience, Fable believes it can help bring new people to the world of reading, helping authors and publishers.