SoftBank Ventures announced Tuesday it invested 4.5 billion won ($4 million) in Trevari, a Korean book club operator. Fast Investment, another venture capitalist firm, invested an additional 500 million won in Trevari’s first publicly-announced funding round.
“While adults today are reading less and less, the Trevari team has proven the success of its business model through quality book clubs,” said a spokesperson from SoftBank Ventures.
Founded in 2015, Trevari operates paid membership-based book clubs. Members can sign up to join Trevari’s 300-plus book clubs located around Seoul and meet up with fellow members every month to discuss books on topics of their preference.
Some of the book clubs are headed by special experts in the field, including former Naver CEO Kim Sang-hun.
As of last August, over 13,600 individuals have participated in Trevari’s book clubs.
A four-month membership costs between 190,000 won and 290,000 won.