Matter Raises $7 Million Series A to Revolutionize Reading

A New Reading App, Matter, Launches with $7 Million in Series A Funding

Matter, a startup focused on reimagining the online reading experience, is now available to the public following the completion of its private beta phase. The company has also secured $7 million in Series A funding, spearheaded by GV (formerly Google Ventures).

Addressing the Evolution of Online Reading

Existing “read it later” applications, such as Instapaper and Pocket, haven’t fully adapted to contemporary reading habits. People now encounter articles through diverse channels – newsletters, app recommendations, and social media sharing – and desire features beyond simple text consumption, like audio playback, highlighting, and collaborative discussion.

The founders, Ben Springwater and Robert Mackenzie, previously collaborated at Nextdoor, identified these shortcomings and embarked on creating a more modern reading solution.

The Genesis of Matter

Springwater explains that numerous frustrations existed with current reading apps. The media landscape was undergoing significant changes, with the growth of newsletters and independent creators. He believed there was substantial potential to enhance the e-reading experience, moving beyond basic text display.

Development of Matter commenced in early 2020, following initial angel investment, and the team subsequently participated in Y Combinator’s summer 2020 accelerator program.

Focus on Content Discovery and Curation

A primary objective for Matter is to assist users in making informed decisions about their reading choices.

Numerous platforms now serve as sources for discovering new content, ranging from news headlines to social media and email newsletters. However, Matter aims to establish a “recommendation” graph – a system for filtering, curating, and highlighting the most valuable material.

The app’s homepage features recommended content sourced from a curated list of “public thinkers” on Twitter, known for sharing insightful news and links. Matter’s team refines these recommendations, selecting the most noteworthy articles for inclusion. Users can also contribute their own suggestions, which are then curated and potentially featured on the homepage.

Features and Functionality

Matter offers a Chrome extension for saving articles, similar to Pocket and Instapaper. Users can also directly recommend content within the mobile app.

Reading lists are private by default, but users can selectively share articles with the Matter community. This sharing capability introduces a social element, allowing for highlighting and annotation of articles.

“This feature provides a simple way to broadcast what you’re reading,” Springwater notes.

Followers can view highlights and annotations overlaid on articles, mirroring functionality found on Medium, but extending it to all shared content. These highlights are also saved to user profiles for easy access.

Social Features and Integration

Matter incorporates a following system, akin to Twitter, enabling users to track shares from trusted sources. This concept echoes the now-defunct Nuzzel app, which provided Twitter-based reading recommendations.

A commenting feature facilitates discussions on shared articles, though the level of engagement will likely depend on the user’s network.

Addressing Common Pain Points

The app also resolves several common issues associated with online reading.

It provides methods for integrating newsletters, either through email filters or a dedicated Matter email address. It offers audio playback with a more natural-sounding voice than some competitors. It supports synchronization with other reading platforms like Twitter, Notion, and Readwise. Furthermore, it allows access to full, paywalled content for subscribers.

Future Development and Personalization

Matter intends to incorporate more personalization through semantic technology, analyzing article topics. However, the team is carefully considering how to balance personalization with serendipitous discovery.

Springwater emphasizes the importance of introducing novelty and avoiding excessive filtering, as interests evolve over time.

Availability and Funding Details

Matter is now accessible for download from the App Store, having exited private beta.

In addition to GV’s lead investment, the funding round includes participation from Outliers Venture Capital, Shrug, James Beshara, Calvin French-Owen, and various angel investors. Previous seed funding of $2 million came from Stripe co-founder Patrick Collison, investor Lachy Groom, and Eventbrite co-founders Kevin and Julia Hartz.

The Series A funding will be used to expand the Matter team, develop web and Android clients, and further refine the user experience.

Investor Perspective

M.G. Siegler of GV stated that the initial generation of “read-it-later” services were valuable, but were designed for a different era. He believes that the evolving ways people consume content necessitate a purpose-built solution.

Siegler expressed enthusiasm for Matter’s progress and the team’s dedication, and highlighted the need for an effective way to surface high-quality content in an increasingly crowded information landscape.

Matter’s iOS app is currently free, with plans to introduce a subscription model in the future. The app is available for public beta starting today, removing the previous invite requirement.