Social reading platform Wattpad raises $48 million in funding

Wattpad announced a massive $48 million third round of financing this morning, saying it would use the cash to expand its team and boost product development. The social reading platform already has 25 million users who spend six billion minutes a month on the platform, the company said, which means Wattpad has doubled in size over the past year. All content on the system is contributed for free by writers looking to build their audience. “.