The collaborative writing startup Wattpad has announced that it has received $46 million in Series C funding.

“We’ve grown 200 percent since this time last year and tens of thousands of people join the Wattpad community each day,” said Allen Lau, CEO and co-founder of Wattpad. “We’re on track to become one of the most successful consumer Internet companies in the world. With this latest investment we’ll continue to build a Toronto company that has global impact.”

Wattpad aims to do for writing what YouTube (News - Alert) did for video: give independent creators a chance to build an audience. Wattpad claims over 40 million stories on the site and 25 million users.

The company will use the money to expand its staff and move into new office space in downtown Toronto.

OMERS ventures lead the latest round of funding, as well as August Capital, Raine Ventures, and Northleaf Venture Catalyst Fund.

“People’s access to books and opportunities to tell the stories that matter to them varies greatly around the world. Wattpad is changing that by giving anyone an opportunity to read and write from the devices they own,” added Jim Orlando, managing director at OMERS Ventures. “We’re proud to invest in Wattpad, one of the country’s most innovative consumer Internet companies, and watch its impact across the globe.”

Internet self-publishing is not exactly new. Amazon lets authors publish their own e-books, and Lulu also lets them sell physical copies. Fan fiction featuring writers’ favorite TV, movie and book characters, has also circulated around the Internet and on sites like Fanfiction.net for years, and even predates the Internet. Wattpad obviously focuses on original stories, sidestepping potential copyright issues.

Wattpad adds the ability for readers to connect with the author, building a fanbase. Wattpad claims that 85 percent of its readership comes from mobile devices.