In addition to changing the name of Shortcovers to Kobo, the venture announced that it is separating out of parent company Indigo Books to operate as an independent company. A new round of funding has raised $16 million (Canadian), with $5 million coming from Indigo, now joined by Borders Group, REDgroup Retail (which currently owns the major book chains in Australia and New Zealand), and Instant Fame, a subsidiary of Cheung Kong. Those new funders will also serve as strategic distribution partners for Kobo’s international rollout. Indigo retains a 58 percent stake in Kobo, the Canadian Press reports. Borders is […]
