The funding will support Cafeyn’s stated mission to create the best information streaming product and will bring additional resources to accelerate its international expansion and external growth strategy.
The company, which was founded by Ari Assuied, says it is growing 40% year-on-year and has expanded its team significantly from 50 in 2018 to an overall headcount of 170 by the end of the year, including the recent acquisitions of miLibris and Blendle. The investment will drive forward product innovation and enable the company to pursue its growth strategy in Europe and globally.
The global press and magazines industry is worth around £110bn and experienced huge growth from digital adoption as a result of a structural change in media consumption habits, which has been accelerated by the current pandemic, says Cafeyn.
Earlier this year, Cafeyn announced a strategic partnership with SFR and the introduction of a number of leading UK newspapers to the platform, adding The Independent, The Guardian, The Observer and The Evening Standard. It acquired miLibris, a SaaS platform enabling its publisher partners such as Les Echos, L’Equipe, Daily News and Grupo Godo, to digitalise, enrich, distribute and monetise their content. The Group also made the acquisition of Blendle, the largest digital news platform in the Netherlands, adding leading Dutch and European newspapers such as De Volkskrant, HP De Tijd or Der Spiegel.
In connection with this investment which marks Bregal Milestone’s first transaction in France and the seventh out of its €495 million fund, Philippe Lautenberg, Managing Partner, and Rob Hetherington, Head of Milestone Performance Partners, the firm’s in-house value creation team, will join the Cafeyn Board of Directors.
Ari Assuied, CEO and Founder of Cafeyn: “I am delighted by this collaboration that will drive further growth and internationalisation for Cafeyn. Bregal Milestone is a perfect fit for Cafeyn given their digital and media expertise, as well as their willingness to support fast-growing companies as a hands-on partner. Their global network and strategic support will allow us to accelerate our international expansion, by way of both organic growth and additional bolt-on acquisitions.”
Philippe Lautenberg, Managing Partner at Bregal Milestone: “We are highly enthusiastic to partner with Cafeyn for this next phase of growth. With a catalogue of over 2,500 newspapers and magazines, Cafeyn offers the best product and reading experience in the market and boasts very deep relationships with distribution partners and publishers. We look forward to working with Ari and his talented team to further develop the company and technology platform both in Europe and internationally.”
You can find out more about Cafeyn in our Publishing Services Directory.