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The Kobo comes populated with 100 free e-books, out-of-copyright classics, but has plenty of memory left for additional documents. (Kevin Van Paassen/Kevin Van Paassen/The Globe and Mail)
The Kobo comes populated with 100 free e-books, out-of-copyright classics, but has plenty of memory left for additional documents. (Kevin Van Paassen/Kevin Van Paassen/The Globe and Mail)

Kobo e-reader secures new financing Add to ...

E-reader maker Kobo Inc. says it has secured new financing to help fund international expansion and that it has 2.7 million users worldwide.

The company, majority owned by Toronto's Indigo Books & Music Inc. , sold 2.3 million eBooks in more than 100 countries, during its first 14 months.

It says the pace of its expansion has accelerated - taking 10 months to reach one million users and less than three months to grow to two million.

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The financing was led by Fidelity Investments with secondary investments from Indigo and Cheung Kong holdings.

The company says it plans to use the cash to expand internationally with new partners, content and languages.

Indigo owns 59 per cent of Kobo, a former subsidiary that was spun off to compete against Amazon's Kindle and a multitude of other companies.

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