7write raise $250,000 funding round
Australian startup 7write have announced this week that they have secured a $250,000 funding round. Investors in the round include Paypal investor and Australian Peter Davidson as well as Janneke Niessen from Improve Digital.
The venture founded by Paul Hayes, Mark Harrison and Tiffany Hart recently left Australia to join the Amsterdam based Startupbootcamp accelerator program. The program also has a presence in other capital cities around Europe and focuses on launching Global Startups. The current class of which the 7write team are members don’t actually present at DEMO day until today, making the funding news all that more exciting.
7write is a self publishing platform for what is inevitably the next generation of authors.The space is pretty crowded with a spate of competitors. However It should also be noted that Davidson one of the main investors has previously founded ebook and internet publishing company Ideogue Ventures which he bootstrapped to a 7 figure business in just four years. They are also advised by Derk Haank, the CEO of Springer, the fourth largest book publisher globally.
The tool focuses on three things; Creative Assistance // Marketing Assistance // and Sales Assistance, which is also where the startup will make their revenue. 7write will have features that help assist authors develop their characters in fictional novels, help users set out a schedule for their works, mind map and even assist with vocabulary and synonyms.
The marketing strategy is in my view quite clever and chooses to focus heavily on community, allowing writers to build an audience around unpublished works, feeding them chapters and samples of the book to read and attach to before the work is published, something that a good friend of mine has just done quite successfully with her own self published book.
When it comes to sales and distribution of the book, 7write charge a fee for submission and then take 10% of the revenue made through the books being sold. Authors will be able to have their books appear on most online platforms available including Apple and Kindle and customers will be able to order hard copies of books on demand.