Pocket Raises $5 Million for Read It Later Service

Pocket, the Web bookmarking/sharing service formerly known as Read It Later, has raised a $5 million B round, led by previous investors Foundation Capital; Baseline Ventures and Google Ventures also put more money into the company. The company says it has six million users who save more than a million items a day, and is integrated with apps like Twitter and Flipboard. Competitors include Instapaper as well as Apple, which has built a “reading list” function into its operating system.