BookVitals raises €475,000 — Early Game Ventures led the round
Bucharest, July 26, 2019
BookVitals (www.bookvitals.com), the application dedicated to non-fiction literature readers, received an investment of 475,000 euro. Early Game Ventures led the round with the participation of a group of angel investors. The law firm DLA Piper Dinu provided the legal assistance of the transaction.
BookVitals proposes a generous idea: remember what you have read, organize your thoughts and bring to one place the quotes and ideas that marked you, whether they come from electronic books or classic books printed on paper.
The application allows readers to convert the image of a book’s page into text, transforming the reading experience, and making it easy to make notes and collect quotes. These quotes become indexable, searchable, annotated, and easy to distribute on social networks or other digital channels. Imagine all the things you can do with a digital book now possible with a printed book.
The BookVitals team is preparing to launch a new version of the mobile application with many improved functionalities and upgraded user experience. Also, the team is working on an essential re-branding that better communicates the company’s values and mission.
“We are delighted to have Early Game Ventures and the Angels by our side on our mission to improve the way people read. Our investors have shown us phenomenal confidence. We shared the same vision from the start, and I am sure that they will continue to support us throughout the complicated process of building a global company, ” says Laurentiu Balasa, CEO of BookVitals.
“BookVitals is an application you fall in love with,” says Cristian Munteanu, Managing Partner of Early Game Ventures. “Beyond the utility capabilities, the application also has a significant social component, vital to any B2C business model. We also have a lot of trust in the BookVitals team. So far, they have proven to be capable of deploying mobile applications that were installed nearly 700 million times. ”
Details about the investment thesis of Early Game Ventures here.
Early Game Ventures is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.
The content of this material does not necessarily represent the official position of the European Union or the Government of Romania.