So why is her new startup devoted to…reading?
Fable has been quietly gearing up for months, but on Thursday it officially unveiled its new app for both the Apple and Google Android stores. It has also raised $7.25 million in seed funding from investors, led by Redpoint Ventures, for an undisclosed valuation. Since closing the deal in July, Warrior has used the money to hire more employees (Fable now has 19 full-time workers, plus “about five” contractors) and to continue building out Fable’s services.
Customers have to buy ebooks through Fable’s website to get the most out of the app—but it’s less of a retailer than a subscription-based recommendation engine and private social network. Those who pay an annual membership fee of $69.99 get access to thousands of free titles in the public domain, plus recommendations of works selected by prominent writers and other guest experts.
Direct to Fable Website