Saturday, November 28, 2015

NewSpring types $8M into online publisher

Open Road Integrated Media taps new $250M fund

NewSpring types $8M into online publisher


NewSpring Capital, the Radnor investor that raised $250 million for its Fund III last month (see SEC filing here), has invested $8 million in Manhattan-based Open Road Integrated Media Inc., Jane Friedman's four-year-old Manhattan firm that publishes popular 1900s authors like Alice Walker, Iris Murdoch, James Johes, Pearl Buck and Dorothy Sayers. 

"Ebooks are becoming a greater share of overall trade book sales," and Open Road is rebuilding past blockbuster authors' "brands" by promoting their backlists to new and new-online readers, NewSpring managing partner Mike DiPiano said in this statement. Besides NewSpring's infusion, past Open Road investors Kohlberg Ventures, Azure Capital and Golden Seeds added another $3 million, for a third-round total of $11 million.

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

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