I’m intrigued by this. I’ll be very interested to see how Wattpad develops:

And one Union Square Ventures-backed, Toronto-based upstart, Wattpad, just raised a $17.3 million Series B.

USV joined this latest round, which was led by Khosla Ventures. Other participants include Yahoo cofounder Jerry Yang and Toronto’s Golden Venture Partners. The company will use the money for hiring, new features, and community growth.

Wattpad is both publishing platform and social network. It’s a kissing cousin to Amazon’s self-publishing platform, but the concept will feel most familiar to anyone who spent time on early platforms like fanfiction.net–complete with concerns about copyright, by the way, though the company has introduced piracy-fighting features. The modern twist: Over 70 percent of the site’s traffic comes from mobile devices.

via Digital Publishing Startup Wattpad Raises $17.3M Series B For Social Reading | Betabeat.