Readly, the digital magazine newsstand, yesterday announced it has raised €13m in additional funding to drive the next stage of its development.
Posted on: 18 May 2017 08:02
Per Hellberg: "This new round of funding allows Readly to bring more titles to a wider audience in more countries."
The Series B funding has been provided by funds managed by Zouk Capital and Hermes GPE as well as from existing shareholders. Channel 4’s Commercial Growth Fund and Aggregate Media Fund have also participated in the round. The company will use the funds to further its international expansion and support growth in its existing markets.
Per Hellberg, CEO at Readly: “With the smartphone and tablet at the heart of providing entertainment and education, it is unsurprising that the demand for accessing a huge variety of magazines via an app has become second nature. This new round of funding allows Readly to bring more titles to a wider audience in more countries and fulfil our aim of being at the cutting edge of the revolution in digital publishing. We have seen dramatic growth over the past twelve months, with 100% increase in paying subscribers in 2016 and these growth rates are continuing into 2017. We are delighted to have the support of our existing investors and to welcome new partners on board.”
Readly offers an app for tablets and smartphones that lets customers have unlimited access to 2,000 titles from over 400 publishers for a fixed monthly subscription.
Nathan Medlock, General Partner at Zouk Capital added, “Readly is already the European market leader in providing unlimited-access digital magazine content. Globally, the consumer magazine market is worth nearly €35bn and Readly is at the forefront of the digital revolution that is transforming this space. Readly plays to our own strengths and expertise in technology growth investing as well as demonstrating a clear sustainability benefit.”
Featured Supplier Video
Publishing Software Company
PSC’s software can help you grow your business with no extra effort just simply by giving you control over every aspect and streamlining the processes you already have in place.
Business growth comes through a combination of launching more titles and selling more advertising, and both these take time and time is the one thing that publishers just don’t seem to have enough of.
We can show you how you can revolutionise the way you manage your business in just 15 minutes; email firstname.lastname@example.org now to find out more.
Most read on InPublishing
These are the most read stories on the InPublishing website over the last 14 days, in order from the top.
This list is based on data from Google Analytics, and is refreshed every 24 hours. (Last updated: 22/08/2017 06:16)