RADNOR, PA – August 19, 2013 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Growth Capital, the firm’s dedicated technology and business services growth equity fund, led an $11.0 million Series C equity financing in Open Road Integrated Media, Inc. (“Open Road”) with an $8.0 million investment. Existing investors, Kohlberg Ventures, Azure Capital, and Golden Seeds, also joined NewSpring in the financing.
Open Road, a digital publisher and multimedia content company, published its first ebook in May 2010. Three short years later, the Company publishes and markets just over 4,000 ebooks from more than 500 authors. Open Road’s growing backlist catalog includes literary fiction from authors such as Pat Conroy, Alice Walker, Iris Murdoch, Michael Chabon, James Jones and a wide variety of writers across verticals and genres including Pearl S. Buck, Dorothy Sayers, Virginia Hamilton, John Jakes and Octavia Butler. The Company also works with independent publishers to digitally publish and market their ebooks and frontlist titles that are born digitally. Open Road continuously markets its authors through a proprietary online marketing platform.