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SAN FRANCISCO, CA--(Marketwire - December 19, 2008) - Scribd, Inc. today announced that ithas closed $9 million in Series B financing led by Charles River Ventures with re-investmentfrom Redpoint Ventures and Kinsey Hills Group. Scribd is the largest social publishing companyin the world with more than 50 million readers each month and more than 50,000 new writingsand documents uploaded daily. The additional capital will help Scribd bolster its rapid growthwith additional hires and accelerated product development.The company also announced that George Consagra, most recently COO of popular socialnetwork Bebo, has joined Scribd as President. He will oversee the expansion of Scribd'sbusiness operations, including business development, sales, finance and marketing. As anearly executive, Consagra helped Bebo grow its membership from 20 million to more than 45million during his tenure and through the company's $850 million acquisition by AOL earlier thisyear. 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'reexcited to have him join Scribd's management team; he will be instrumental in helping us takethe company to the next step."Rounding out the Scribd leadership team, Bill Tai of Charles River Ventures will join Geoff Yangof Redpoint Ventures, as wellas co-founders Adler,Jared FriedmanandTikhon Bernstam on the company's board of directors. Tammy Nam, who led marketing communications for socialapplications 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 investedin Twitter, Geni, Social Media, Yammer and GoTV. "We're looking forward to more greatmilestones from Scribd inthe coming year."About Scribd, Inc.Scribd was founded on the simple observation that there's a writer in all of us. In less thantwo years, Scribd has become the largest social publishing company in the world with morethan 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 onthe Web. Its innovative document reader technology, iPaper, enables anyone to easily uploadPDF, Word, PowerPoint and other document types and share on Scribd.com or embed onthousands 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. Formore information about Scribd, please visitwww.scribd.com.About Charles River VenturesFounded in 1970, Charles River Ventures is one of the nation's oldest and most successfulearly-stage venture capital firms with approximately $2.1 billion under management. CRV isdedicated to helping exceptional entrepreneurs turn their ideas into the next category leadersin high growth technology and media sectors. Over the past 10 years, CRV funds have beenranked among the industry's top performers. CRV has offices in Boston, MA and Menlo Park,CA. For more information, visitwww.crv.com.

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Dec 19, 2008 09:00 ET

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

Contact:Tammy NamScribd, Inc.Email Contact

SOURCE: Scribd, Inc.