Booktrack closes $7.5m investment deal

Booktrack co-founder and CEO Paul Cameron. The company has just secured a $7.5m investment round. Photo / Ted Baghurst

An ebook start-up co-founded by a former Air Force engineer has secured US$5 million (NZ$7.5m) worth of investment this week.

Booktrack was co-founded by Paul Cameron and creates and sells ebooks with added ambient audio paced to readers' speed.

Cameron trained as an aeronautical engineer and for over a decade then flew as an officer with the Royal New Zealand Air Force before founding a new division of a high-tech electronics and software company that provides products and services to the global defence industry.

The company announced earlier this week that it had secured US$5 million (NZ$7.5m) in a secondary investment round with COENT Venture Partners and Sparkbox Ventures as two of the lead investors.

Booktrack previously closed a US$3m round led by Sparkbox Ventures.

The company would use its latest investment round to drive growth through marketing innovation and the acquisition of premium content, Cameron said.

"Our vision has always been to advance digital publishing and content to connect readers with an exciting and modern way to experience an eBook with a soundtrack," he said.

"This Series B raise of US$5 million will allow us to aggressively grow our reader base and premium content offering.

"It is great to be taking innovative technology to the world from a software development team in Takapuna, Auckland.

"We greatly appreciate the local support from our NZ investor base including Sparkbox Ventures, Sir Stephen Tindall, and our new Singapore investor COENT Ventures," Cameron said.

"It is only through the support of our investors that Booktrack can help reading to compete with other entertainment offerings so that every now and then Netflix or Spotify gets turned off and the good old-fashion book, but now with a movie style soundtrack, is picked up instead."

Booktrack has recently increased its global presence, opening a new office in Toronto dedicated to marketing and content acquisition.

The company also expanded its executive management team, hiring Liz Ridout as chief marketing officer and Cameron Drew joins vice president of publishing.

Both came with significant experience from the eBook market, Cameron said.

See Paul Cameron talk at the TEDx 2012 conference here: