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.

Continue Reading