Today, Radish, a short-form serialized fiction platform capitalizing on the shift to mobile reading, announced that it has raised $3 million in seed financing from blue-chip Silicon Valley, Hollywood and publishing industry investors.
Enabling writers to monetize their content through micropayments, Radish has been operating under the radar for almost a year. Radish features over 700 authors spanning romance, fantasy, YA, paranormal, mystery and sci-fi, and has already reached hundreds of thousands of app downloads since its launch last February. Its leading author is making $13,000 a month.
“Radish takes serialized storytelling into the 21st century, making it possible for the next Charles Dickens to reach and monetize tales suitable for today’s mobile audience,” said Founder and CEO Seung-Yoon “SY” Lee. “Our content is perfect for a quick read while riding the subway, waiting in line or grabbing a bite to eat. Similar so-called freemium micropayment models are already won huge audiences huge in my home country South Korea, Japan, and China. In China, some online serial writers are making several million dollars per year from readers making micropayments for new episodes.”