WEbook, a Bethesda, Maryland-based online book publishing and writers community startup, has received $5 million in a new round of funding. The round was led by Vertex Venture Capital and its existing backer, Greylock Partners Israel. The round also included investments from eight angel investors. The site was launched in April this year, and has a community of writer/authors writing and peer-reviewing books, who can also sell their wares. WEbook shares 50 percent of the profit on sales with the author and other contributors to it. In the sector, it competes with other book self-publishing sites like Lulu, iUniverse and others, though WEbook focus more on authors collaborating online than others. More details in release.
By Rafat Ali