Readly, a digital magazine service that provides customers with unlimited, "all-you-can-read" access to thousands of national and international digital magazines, announces that it has raised $12M in additional funding. The latest round of funding comes from new reputable investor Swedish Swedbank Robur and London based Zouk Capital. The company will use the new funds to further its international expansion and support growth in its existing markets.
"Spotify transformed the music industry on a global scale and we're seeing the same with the magazine industry. Readly is well equipped to lead this progressive industry forward through its digital offering and continued innovation. We are pleased to invest in Readly and be part of this next chapter," says Erik Sprinchorn, Fund Manager at Swedbank Robur.
"We are in no doubt that the future of reading magazines is digital and Readly continues to be one step ahead of the competition, revolutionizing the way we enjoy magazines. We have supported Readly from the early days and are delighted to be part of their continued success," says Nathan Medlock, Partner at Zouk Capital.
Stockholm headquartered Readly offers an app for tablets and smartphones that lets customers have unlimited access to thousands of national and international magazines for a fixed monthly subscription. With readers in 46 markets and access to over 3,200 national and international digital magazines, Readly is the leading global digital newsstand subscription service. In 2017, Readly saw close to 100% revenue growth, with strong growth continuing this year.
"Reading magazines digitally has become second nature as the demand for quality, curated content via the smartphone or tablet grows. The funding reflects confidence in our business model, team and market. It plays an important role in ensuring Readly fulfills its vision to be at the forefront of digital publishing by reaching a wider audience with the very latest in digital magazines across both new and existing markets. We are delighted with the continued support of our investors", says Jörgen Gullbrandson, CEO of Readly.
Latest data shows an 80% growth in digital magazine consumption year over year with over 13 million magazines read in the last year. The global magazine industry has a turnover of $80 billion, which is five times greater than the music industry. Today, digital magazines represent about 6.5% of the total magazine industry turnover, a share expected to increase over the coming years.
About Readly
Readly (https://us.readly.com) is a digital reading service that provides customers with unlimited, "all-you-can-read" access to thousands of national and international digital magazines. Available for both on and off-line use, the service is ultra-fast, easy-to-use and convenient. The Readly platform is family friendly, allowing up to five different profiles, and features enhanced mobile reading functions, as well as advanced search, a recommendation engine and sharing tools. In addition to consumer benefits, Readly offers a powerful, risk-free route to a global market for publishers. Readly is also the market leading digital magazine service in the UK, Sweden, Germany, Switzerland and Austria.
About Swedbank Robur
Swedbank Robur is Sweden's largest and one of the Nordic region's leading asset managers. The company is a wholly owned subsidiary of Swedbank and has been awarded a number of awards from Lipper, Morningstar and Bloomberg. Swedbank Robur manages just over SEK 1,000 billion and the New Technology Fund has previously invested in companies such as Acast and Frisq.
About Zouk Capital
Zouk Capital is a private equity and infrastructure fund manager investing in the sustainable economy. Zouk's distinctive dual-track strategy of technology growth and infrastructure capitalizes on the investment opportunities created by the global shift to greater resource efficiency. Zouk's Growth Capital funds invest in high growth technology companies that use information technology to deliver resource efficiency. Our Infrastructure investment funds finance the construction of new high-yielding assets, by acquiring, developing and funding late- stage renewable energy infrastructure projects. Zouk has invested in the sustainable economy since 2000, has €600m under management and is headquartered in London. www.zouk.com
