Subscription service Scribd announced raising $58 million in equity financing from Spectrum Equity. They say the funds will be used “to continue to operate sustainably and efficiently while accelerating our growth, product innovations, content acquisition and continued investment in our employees.” Despite the raise, Scribd has said that it has been profitable since 2016 — even declaring its model “more profitable than we wanted” before going back to mostly unlimited access in early 2018. Scribd irritated a number of key partners earlier this summer among authors, agents and publishers when they launched their Snapshots program without permission, creating their own […]
