Tokyo-based startup Piece of Cake, the company behind online article/content marketplace called Cakes, announced today that it has fundraised 300 million yen (or about $3 million) from Jafco and Femto Growth Capital Fund. The fund is being jointly managed by the investment arm of Japan’s Shinsei Bank and notable Japanese CPA Tetsuya Isozaki.
Cakes is an online marketplace where content authors can sell their articles to an audience. In partnership with notable magazine or comic publishing companies, the startup gathers popular content authors including best-selling novelists, scientists, famous bloggers, businessmen, photographers, and musicians. Articles or other content by all these authors will be presented on the platform every day. It’s free to view the lead excerpt, but to view the entire piece requires a subscription of 150 yen ($1.50) per week. They explain further about the pricing:
You’re paying the same amount of a bottled drink, and in return you can enjoy as much content as you like throughout the week.
With the new funding, the startup aspires to build up a framework to provide a better user experience for readers, content authors, and publishers, with the eventual goal of being a leader in content distribution.
Our readers may recall back in February when GREE had launched a paid online magazine service called Magalry. They are having a tough time in the publishing industry, but it’s interesting to see if this kind of new publication platform can establish some solid growth.