Spines Raises $64 Million for U.K., Canada and Australia Expansion

By Rebecca Stone

Spines has raised $64 million in new equity and debt to expand into the U.K., Canada and Australia, Fortune reported Monday. The hybrid publisher uses AI agents to run most of the publishing process.

Zeev Ventures led the $29 million Series A-1 equity round, according to Fortune, with Aleph, NordStar, M-Fund, LionTree and angel investor Dan Senor also joining. Credit investor Twelve provided a separate $35 million non-dilutive growth facility. Spines did not disclose a valuation for the financing, and the debt component is larger than the equity round.

The money follows a $16 million Series A, also led by Zeev Ventures, in November 2024.

Founded in 2021 by CEO Yehuda Niv, the company uses AI agents to edit and translate manuscripts, design covers, produce audiobooks and market titles, Fortune reported. Authors pay for publishing packages, and Spines also takes a share of royalties.

Fortune reported these company figures:

• About 12,000 titles have been published by more than 8,000 authors.
• Roughly 400 new authors sign up each month.
• The annual revenue run rate stands at $50 million, up 400% from a year earlier.
• The workforce comprises about 350 employees, including about 50 in research and development.

What will the $64 million fund?

Spines will direct the $35 million debt facility toward growth and the $29 million equity proceeds toward product development and entry into the U.K., Canada and Australia, according to Fortune.

The company plans to grow from seven publishing languages to 20 within six months. It is targeting 200% to 300% annual growth, which represents a management goal rather than a reported outcome.

What does a publishing package cost?

Packages start at about $3,000 and reach $20,000 for a premium tier that covers three languages, each with an audiobook. Most authors choose bundles priced at $5,000 to $7,000, Fortune reported.

Spines has raised the authors' share of net royalties to 80% from 70%, Fortune reported. The author share has risen. Under this model, authors pay for publishing packages, and Spines also takes a share of royalties.

Where does AI fit in?

Spines screens out AI-generated manuscripts with software and publishes only books "100% written by humans", CEO Yehuda Niv told Fortune. "We are not here to replace [authors] with AI," he said.

Who owns an AI-designed cover?

AI-designed covers raise a copyright question because U.S. courts and the Copyright Office have held that purely AI-generated images cannot be copyrighted. Niv said Spines licenses its image tools and passes authors a broader license than human illustrators usually grant, Fortune reported.

Courts have drawn the line. That leaves Spines' licensing terms central to the cover service sold within its publishing packages.

Is Spines talking to a Big Five publisher?

Spines is in early talks with one of the Big Five U.S. publishers about running that publisher's services on Spines' AI agents, Niv said. Such a deal would extend Spines' agent-based operation beyond the author packages it currently sells.

What comes next?

With $64 million in new capital, Spines is preparing entry into three countries and a jump from seven to 20 publishing languages within six months. The next commercial test is whether that expansion supports the company's 200% to 300% annual growth target. An early Big Five discussion could add a larger customer, but the talks remain preliminary.