8:00 am Jul. 19, 2012
Pocket, formerly known as Read It Later, an app that formats and bookmarks articles and web pages for future consumption, has raised a second round of funding.
One year after raising an initial $2.5 million from a handful of investors, Pocket has secured a $5 million series B round that will allow it "to accelerate its vision to change the way people consume content on the web and via mobile devices," according to a statement from the San Francisco-based company.
As with last year's cash infusion, funds were kicked in by Foundation Capital (which led the new round), Baseline Ventures and Google Ventures. The investment comes just three months after the app, which was created in 2007 and now saves nearly 1 million items a day, changed its name and moved to a format that is both free of charge and ad-free.
“Going from Read It Later to Pocket was the first phase of our vision for what the ‘save for later’ space could become,” said Pocket founder Nate Weiner in a statement. “This additional financing gives us the resources we need to fulfill the rest of our plans.”
"We funded Nate a year ago because he pioneered time and device shifting web content,” said Steve Vassallo, general partner at Foundation Capital, also via statement. “Pocket's exceptional team has a clear vision to change the way content is consumed across every browser and mobile device, and they're making it happen. It is why we doubled-down on our investment in this very special company."
Pocket is one of various apps that have been credited with encouraging something of a digital long-form journalism renaissance by making lengthy articles easy to read and keep track of on mobile devices like tablets and smart phones. A similar app, Instapaper, has also been instrumental in this space, as have curatorial offerings like Byliner, Longform.org and Longreads, whose founder, Mark Armstrong, doubles as the editorial director of Pocket.
More by this author:
- 'Village Voice' fires Michael Musto in yet another round of cuts
- 'New York Post' buyouts focus on 'loyal soldiers ... highest paid'