Aiming Series A funding
Professional ghostwriting service provider Story Terrace, on Thursday, announced that the company has raised $640,000 to expand its business of writing stories of others, reported Tech Crunch.
The company is in the process of developing an automated system for writing that assists the customers. We are building technology to assist our writers in completing the books,” Rutger Bruining, founder and CEO of Story Terrace, told Tech Crunch.
“The bottleneck for us is the design process and we are investing some of the money we raised into automating the process. We want to turn photos and text into a print-ready book,” he added.
Story Terrace creates biographies, family memoirs and company history books using a professional ghostwriter at an affordable cost. The company is developing an automated system in order to deliver books to its customers much faster than other writers.
“Story Terrace addresses a large, universal problem: Stories fade and are not passed on from generation to generation,” Rafael Ortiz, who led Story Terrace’s angel round told Tech Crunch.
“Their offering is unique and gaining traction. I’ve been impressed with the team’s understanding of their customers and the progress they are making with the platform. Story Terrace can print a limited number of beautiful books at a fraction of what would have been possible 10 years ago. Altogether, this creates an opportunity to develop a large market,” he added.
According to the Linkedin profile, Story Terrace has a pool of over 300 freelance journalists and authors who are matched with customers based on their location, interests, cultural background and personality.
The UK-based company has completed 160 books, for a total of around $445,000 worth of sales. For a short book written by a junior writer, Story Terrace charges around $1,200 and the package goes up to $6000 for a long book written by a critically acclaimed writer.
Founded in 2014, Story Terrace has operations in London, Amsterdam and Scottsdale, AZ and creates books in English and Dutch for customers from Qatar to Belgium and from Israel to Hong Kong.
A Series A funding is expected soon to accelerate the growth of the company.