Bookclub Secures $20 Million Series A Funding

Serial Entrepreneur Launches BookClub, Secures $20 Million in Series A Funding

David Blake, a seasoned entrepreneur in the edtech space and co-founder of both Degreed and LearnIn, is realizing a passion for literature. He maintains a reading habit of at least one book weekly, frequently engaging with the authors and analyzing key passages.

BookClub: Connecting Readers and Authors

This endeavor is facilitated by his newest venture, BookClub, which debuted in September with the aim of providing author-led book clubs to avid readers. Blake reflects that while Degreed offered a sense of structural fulfillment and challenge, BookClub brings a feeling of joy and is a true blessing.

The platform empowers authors to host book discussions, share exclusive video interviews, and respond to reader inquiries. Following the announcement of its launch and a $6 million seed funding round, BookClub has now secured a $20 million Series A investment, spearheaded by Signal Peak Ventures.

Investment and Key Backers

Additional investors participating in this funding round include GSV Ventures, Maveron, Backstage Capital, and Pelion Venture Partners. Notably, the company’s investor roster includes the founders of prominent platforms in the learning and literary spaces.

Aaron Rasmussen, co-founder of MasterClass and Outlier.org, and Otis Chandler, co-founder and former CEO of Goodreads, have both invested in BookClub’s Series A round. Blake aptly describes BookClub as a fusion of “MasterClass meets Goodreads.”

Expansion Plans and Beta Launch

This new capital will be utilized to prepare for the public launch of BookClub’s private beta program, currently encompassing thousands of readers, scheduled for July. Alongside this expansion, the company is actively focused on onboarding a greater number of authors to the platform.

Currently, BookClub features 11 books on its website, authored by individuals such as Emily Chang, Lara Prescott, Colin Bryar, and Bill Carr. Blake anticipates reaching a catalog of 200 books by the close of 2021, though he refrained from disclosing the number currently in development.

Two Distinct Service Models

BookClub is currently piloting two distinct approaches to deliver author-led discussions. The first allows users to access video content related to a book as they read. During a recording session with Emily Chang, author of “Brotopia,” the platform produced eight to twelve hours of supplementary material, including Q&A sessions, readings, and insights into the writing process.

Blake emphasizes the unique value of this offering, stating that it democratizes access to author events traditionally limited to major cities and independent bookstores. This service brings the experience to a wider audience.

Inspired by Oprah’s Book Club

The second service mirrors the format of Oprah’s Book Club, featuring interviews with authors and discussions of related works. For instance, Barbara Corcoran is leading a club centered around her book, “Shark Tales,” alongside five other titles focused on entrepreneurship.

Challenges and Future Goals

A key challenge for BookClub lies in sustaining engagement and fostering active participation within its communities. Maintaining momentum in book clubs can be difficult due to waning accountability or limited member investment in deeper conversations. The startup must cultivate excitement without imposing overly rigid guidelines.

Another limitation is the platform’s current reliance on living authors, excluding a wealth of classic literature. The company may explore alternative methods to represent authors who are deceased or prefer not to participate in video content, aligning with Blake’s long-term vision.

“Currently, the probability that we’ve featured a book you’re currently reading is relatively low,” Blake acknowledges. “Our objective is to rapidly increase that likelihood.”