WOWIO Raises $1.7 Million, Acquires Online Community WEvolt

eBook marketplace WOWIO announced today the close of $1.7 million in private financing and the subsequent acquisition of WEvolt, a social networking platform.

WOWIO CEO Brian Altounian led the financing round, which follows a seed round of $1 million completed in October 2009. According to the press release, the financing rounds will be used for WOWIO to pay off legacy obligations and set the stage for more acquisitions down the line.

WEvolt basically enables comic book artists to create and share their work with their fans. Its online platform will soon allow creators of comics, and soon other media, to generate revenues by participating in ad sales and other activities such as merchandising. Users can create and submit their original material for broader distribution consideration, or they can simply use the site as an aggregator of their favorite online content.

WEvolt was created by Jason Badower, a comic artist from Australia who has illustrated and colored several Heroes graphic novels, and Matt Jacobs.

(Via press release)