Confirmed: Dropbox Aqcui-Hires Social Reading App Readmill

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As TechCrunch’s Steve O’Hear predicted yesterday, Readmill just confirmed that Dropbox acquired the company and that the service will shut down. It is a pure acqui-hire as the team will join Dropbox’s team and work on its core service.

“As of today, it is no longer possible to create a new account, and on July 1, 2014, the Readmill app will no longer be available,” the two co-founders Henrik Berggren and David Kjelkerud write on the blog. Users can export their reading data and download their books.

As a reminder, the Berlin-based startup developed a social reading platform for iOS and Android. The company released a well-designed mobile application to read and share highlights and extracts with your friends.

According to our first report, the deal value is around $8 million. Most of it is in stock, and the rest in cash. The two co-founders will move to San Francisco.

The company raised a $385,000 seed round from Passion Capital and Index Ventures (€280,000) and an undisclosed Series A round from Wellington Partners and existing investors.