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🦄 Unicorner Startup of the Week: Fable
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✍️ Notes From The Editors
HAPPY NEW YEAR! 🥳🎊 As we begin 2022, we’re looking forward to a great year ahead full of happiness, health, and, of course, great unicorn companies.
Today’s company is for all the people who made it their New Year’s resolution to read more. We hope you enjoy today’s cover on Fable and have an amazing start to the year.
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Fable is a social reading platform for online book clubs. Users of the platform can join online clubs (some of which are hosted by celebrities) or create their own clubs. They can also purchase books from the Fable Store, which may include a Discussion Guide to facilitate the community aspect of the platform.
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💰 Business Model
Fable has several sources of income. The company generates revenue from ebook sales in its online bookstore. It also offers various membership tiers. The first is the free plan, which includes features like buying and reading ebooks, participating in club discussions, and more. The Fable Premium All Access Membership costs $69.99 annually and includes unlimited access to clubs, access to member-only events, and more. The Fable Premium Single Club Membership costs $5 per month and includes access to one Premium Featured Club and access to club-only events and exclusive discussion resources. Books can be read from its app available on the iOS App Store or Google Play Store.
📈 Traction and Fundraising
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Currently offering millions of books in its bookstore
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Raised $20 million Series A round with investors such as Tiger Global Management, Redpoint, Gaingels, Defy Partners, and Breyer Capital
👫 Founder(s)
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Padmasree Warrior, President and CEO: Currently Board of Directors @ Microsoft, Board of Directors @ Spotify; Previously CEO @ NIO, Board of Directors @ Gap, Board of Directors @ Box, CTO @ Cisco, CTO @ Motorola, Chemical Engineering MS @ Cornell, Chemical Engineering BS @ Indian Institute of Technology, Delhi
💼 Opportunities
Be sure to mention you came from Unicorner when applying!
🔮 Our Analysis
Fable is aiming to be many things—in addition to enabling online book clubs, the company has positioned itself as both a mental wellness company and a social media company. It’s at the crossroads of book clubs and mental wellness that Fable has found its niche audience to cater to. On another level, by operating as a social media platform, it’s adopted a unique set of challenges, such as content moderation and user engagement, and as such has a different approach to community compared to existing competition like Goodreads. The company is betting that quality content can be curated by providing book club moderators with moderation tools and a subscription model that will discourage bad actors. We’re particularly interested in seeing how the company approaches (and hopefully overcomes) these obstacles.
📚 Further Reading
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Made with 💜 by the Unicorner Team 🦄
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🎁 Bonus Content!
Here's a statistic from this past year that might catch you by surprise: TikTok surpassed Google as the most visited site in 2021! You can read the full details in this article from the Wall Street Journal. |
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