Founded in 2012, Readly now has a presence in eight key European countries and the US. The company generates more than two-thirds of its revenues outside its Swedish headquarters.
The funds raised will predominantly be used to fuel continued expansion in current European markets, says Readly.
Maria Hedengren, CEO of Readly, commented: “The magazine publishing industry is only just starting to move from offline to online, and we expect the digital penetration of magazines to reach that of other media verticals, such as music and film. Readly will continue to lead the digital magazine transformation, across Europe and beyond. For this next step of our growth journey, we are very glad to have the continued support of our existing investors and now also the addition of such an experienced investor as AP3. This is testament to how we have managed to build confidence in the business model, team, and the market.”
In March 2019, Readly was ranked in the top 200 overall and the second fastest growing company in Sweden in the ‘Financial Times 1000 Fastest Growing Companies in Europe’. In May 2019, Readly launched its service in Italy and further strengthened the content portfolio, which now includes over 4,000 titles, says the company.
You can find out more about Readly in our Publishing Services Directory.