Berlin-based Inkitt announced another big round of funding, raising $59 million in a Series B (on top of previous rounds that raised at least $21 million). Axel Springer was a co-lead in the new round, with Michael Lynton participating, along with further funding from Stefan von Holtzbrinck (HV Holtzbrinck Ventures participated earlier) among others. The start-up is riding the wave the powered the sales of Wattpad (approximately $600 million), Radish ($440 million), and Tapas Media ($510 million). Inkitt tells TechCrunch their Galatea app has a run rate of over $38 million now. The company uses algorithms to help determine which […]
