WEbook has raised $5 million in funding. The round was led by WEbook’s new investor, Vertex Venture Capital and its existing backer, Greylock Partners Israel. The round also included investments from eight unnamed angel investors.
WEbook is an online platform where the site’s users — authors, writers, and even readers — collaborate to write books. Since its April 2008 launch, WEbook has added thousands of writers, editors, illustrators, and readers to its service and the site is currently hosting 15,000 book projects in genres ranging from short stories to non-fiction. Once a book is completed, it goes through a community vetting process where the users vote on books. Those that perform best during the process will be published by WEbook. WEbook shares 50 percent of the profit on sales with the author and the book’s major contributors as a fee for publishing the title.
So far, it looks like WEbook’s efforts are working. The site’s unique visitor count is on the rise, according to Compete data, and it witnessed 17 percent growth over the past month.