Friday, August 22, 2014
Inquirer Daily News

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.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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