PROVO, Utah--(BUSINESS WIRE)--Chatbooks, the subscription-based service that automatically turns your digital photos into photo books, has secured a $6 million Series A investment led by Signal Peak Ventures. Kickstart Seed Fund, Peterson Ventures, and BYU Cougar Capital also participated in the round.
Chatbooks sold its first book in June 2014 and shipped 500,000 books in its first 12 months solely via organic word of mouth. The next half million followed in just six months.
“We’re on a mission to make creating photo books as easy as taking a picture,” said Chatbooks co-founder Vanessa Quigley. “My husband and I have seven children, a lot of memories, and even more pictures. But we had no photo albums of our younger kids—we had photos on our phones and social media, but nothing to really hold on to. Like most parents, I didn’t have time for another project, so we knew we had to make Chatbooks accessible to everyone—it had to take just a few minutes and be easy to remember. Now, every time you add 60 photos, Chatbooks software automatically turns it into a printed book.”
With a proven recurring revenue model, Chatbooks plans to use the Series A funding to accelerate sales and marketing efforts. The new funds will also go towards expanding into new markets. In addition to the Series A funding, Chatbooks raised an additional $1 million in debt financing from Silicon Valley Bank. The current round of funding follows on the heels of $2 million in seed funding, bringing the total amount raised to-date by Chatbooks to $9 million.
“Early on, we identified Chatbooks as a differentiated company offering a compelling high growth story,” said Scott Petty, partner at Signal Peak Ventures. “We are in a unique time where we can combine digital technology to address the growing demographic looking for a way to bring digital memories to life. Vanessa and Nate form a powerful team that we are fully confident can execute against a strategy committed toward robust growth on a significant scale.”
“Chatbooks creates an incredible emotional response in our users,” said Chatbooks CEO Nate Quigley. “These pictures, of their families and their lives, help them reconnect with what matters most, and give meaning to the everyday moments of life.”
Chatbooks are available via a subscription model and start at just $8 per photo book. To learn more, visit www.chatbooks.com.
About Signal Peak Ventures:
Signal Peak Ventures is a venture capital and growth equity firm with more than $500 million in assets under management. Based in Salt Lake City, Utah, the firm invests in innovative information technology companies and looks for entrepreneurial teams with the potential to transform markets and create lasting value. Specific areas of focus include Internet, SaaS, enterprise software, security, and mobile computing. For more information, please visit www.signalpeakvc.com.
Chatbooks is a subscription-based service that automatically turns your digital photos into photo books. Headquartered in Provo, Utah, Chatbooks is backed by Signal Peak Ventures, Kickstart Seed Fund, Peterson Ventures, and BYU Cougar Capital. For more information, visit Chatbooks at chatbooks.com and connect on Instagram at @Chatbooks.