LIT Videobooks garners $5m in MaC Venture Capital-led round

LIT Videobooks, a creator and distributor of video versions of best-selling nonfiction books, has raised $5 million in funding.

LIT Videobooks, a creator and distributor of video versions of best-selling nonfiction books, has raised $5 million in funding. MaC Venture Capital led the round with participation from other investors that included Founders Fund and Noemis Ventures.

PRESS RELEASE

NEW YORK, N.Y. – October 13, 2021- LIT Videobooks, the start-up company that brings books to life, offering a unique and immersive way to consume bestselling nonfiction and business books, today announces its official launch after a successful beta and seed of $5M led by MaC Venture Capital. The funding round also features notable investments from Founders Fund, Noemis Ventures, Bloom VP, Harry Hurst, Cyan Banister, Larry Braitman, Zach Coelius, Terry Dougas, Russ Fradin and Hunter Walk. The investment will be used to secure additional titles and was already deployed in the finalization of books in the pipeline.

LIT Videobooks, founded by CEO Ronak Sheth, combines interviews, animations, illustrations, archives and live footage to recreate the book’s core concepts. LIT’s mission is to provide users with the highest quality nonfiction titles, including books on business, self-help, health and wellness, relationships and more. Through its videobooks, LIT will provide the two-thirds of Americans who consider themselves visual learners to access books in a more meaningful way and fit the knowledge and insights of authors into their busy everyday lives.

“LIT Videobooks was developed to help people better access the learnings within highly important nonfiction literature,” said Ronak Sheth, CEO and Founder of LIT Videobooks. “As a visual learner myself, I wanted to build the type of platform I always wished I could use. We are excited to continue partnering with top nonfiction authors, bringing more titles to life in video form. We have some major titles coming soon that people won’t want to miss.”

LIT released its first title, Contagious by Jonah Berger, to the beta platform in late 2020. To date, it has been purchased more times than copies sold in print in the U.S. Customers have rated the title 4.97/5 stars and 74% of users finished the book once they started, a number that is significantly higher than the rate at which people finish traditional print nonfiction books or audiobooks. According to the Global Online Education Market, Americans spend 60-times the amount of time watching TV as they do reading books each year and in 2022, video is projected to account for 82% of all traffic online, creating tremendous opportunity for LIT.

“We’re proud to back LIT Videobooks in its pursuit of transforming the way visual learners experience nonfiction literature,” said Marlon Nichols, Founding Managing Partner of MaC Venture Capital. “LIT is creating the next evolution of audiobooks, great for both writers and consumers, enabling busy people to consume content more easily. At MaC, we stand behind companies with missions and values we support, and we’re looking forward to seeing LIT make a difference in the lives of those who struggle from reading disorders while bringing nonfiction literature lovers together through its platform.”

LIT will release its next three titles, Predictably Irrational by Dan Ariely, Profit First by Mike Michalowicz, and Trillion Dollar Coach by Eric Schmidt, Jonathan Rosenberg and Alan Eagle, this month for a special introductory price of $9.99, generally less than the price of an ebook or audiobook.

LIT will release new videobooks every month to be available a la carte. After the introductory period, videobooks will be available for a standard MSRP price of $24.99. If users would like to preview before making a commitment, the introductory chapter of each title is available for free. Customers can watch a videobook as many times as they would like after purchase.

“The titles we have selected for release this month and have in production for future releases are going to thrill our existing customers and draw hundreds of thousands of new users to the platform,” said Andy Gaies, Chief Operating Officer at LIT Videobooks and former Chief Content Officer at Audible and Chief Growth Officer at Blinkist. “We are bringing the insights and ideas of brilliant authors to tens of millions of non-readers and visual learners allowing these authors to monetize their work in an exciting new way. We see a future where a LIT videobook becomes a part of every major non-fiction authors publishing strategy.”

ABOUT LIT
LIT Videobooks is the industry leader and innovator in creating and distributing video versions of best-selling nonfiction books, combining interviews, animation, illustrations, archives and other live footage to recreate author’s insights and ideas. LIT’s award-winning filmmakers partner directly with top authors to produce and market a variety of books spanning business, self-help, health and wellness, relationships and more. LIT brings books to life on-screen, providing an additional layer of accessibility to visual learners and allowing them to make the most productive use of their screen time.

LIT Videobooks was founded in 2018 and is primarily backed by MaC Venture Capital with other notable investors including Founders Fund, Noemis Ventures, Bloom VP, Harry Hurst, Cyan Banister, Larry Braitman, Zach Coelius, Terry Dougas, Russ Fradin and Hunter Walk.
For more information about LIT Videobooks and to view and purchase exclusive content, please visit www.LITvideobooks.com.