SOURCE: Scribd, Inc.

December 19, 2008 09:00 ET

Scribd Secures $9 Million in Series B Financing, Bebo COO George Consagra Joins as President

SAN FRANCISCO, CA--(Marketwire - December 19, 2008) - Scribd, Inc. today announced that it has closed $9 million in Series B financing led by Charles River Ventures with re-investment from Redpoint Ventures and Kinsey Hills Group. Scribd is the largest social publishing company in the world with more than 50 million readers each month and more than 50,000 new writings and documents uploaded daily. The additional capital will help Scribd bolster its rapid growth with additional hires and accelerated product development.

The company also announced that George Consagra, most recently COO of popular social network Bebo, has joined Scribd as President. He will oversee the expansion of Scribd's business operations, including business development, sales, finance and marketing. As an early executive, Consagra helped Bebo grow its membership from 20 million to more than 45 million during his tenure and through the company's $850 million acquisition by AOL earlier this year. Prior to Bebo, Consagra was an executive at interactive marketing powerhouse Organic.

"George has more than 20 years of experience building great companies and great brands," said Trip Adler, CEO and co-founder of Scribd. "He's a brilliant operational executive and we're excited to have him join Scribd's management team; he will be instrumental in helping us take the company to the next step."

Rounding out the Scribd leadership team, Bill Tai of Charles River Ventures will join Geoff Yang of Redpoint Ventures, as well as co-founders Adler, Jared Friedman and Tikhon Bernstam on the company's board of directors. Tammy Nam, who led marketing communications for social applications developer Slide, also recently joined Scribd as Vice President for Marketing.

"Scribd's growth trajectory in its first year is similar to that of YouTube and Facebook. That, combined with a founding team with excellent instincts and a clear need for Scribd's service, makes for an unbeatable combination," said George Zachary of CRV, which has also invested in Twitter, Geni, Social Media, Yammer and GoTV. "We're looking forward to more great milestones from Scribd in the coming year."

About Scribd, Inc.

Scribd was founded on the simple observation that there's a writer in all of us. In less than two years, Scribd has become the largest social publishing company in the world with more than 50 million readers each month and more than 50,000 new documents shared every day. Scribd is changing the way people find, share and publish original writings and documents on the Web. Its innovative document reader technology, iPaper, enables anyone to easily upload PDF, Word, PowerPoint and other document types and share on Scribd.com or embed on thousands of other websites. Scribd is backed by Charles River Ventures, Redpoint Ventures, Paul Graham's Y Combinator, the Kinsey Hills Group and several prominent angel investors. For more information about Scribd, please visit www.scribd.com.

About Charles River Ventures

Founded in 1970, Charles River Ventures is one of the nation's oldest and most successful early-stage venture capital firms with approximately $2.1 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in high growth technology and media sectors. Over the past 10 years, CRV funds have been ranked among the industry's top performers. CRV has offices in Boston, MA and Menlo Park, CA. For more information, visit www.crv.com.

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