Readly, a Sweden-based media subscription service backed by broadcaster Channel 4, has raised €10m ($11.7m) in funding from Swedbank Robur, the mutual fund subsidiary of financial services Swedbank, and private equity firm Zouk Capital.
Readly runs a digital newsstand that gives subscribers access to more than 3,200 national and international magazines through a single app. The company will use the additional funding to support continued growth in its existing markets and drive international expansion efforts.
Channel 4’s Commercial Growth Fund contributed to a $14.6m series B round in May 2017 that also included Aggregate Media Fund, the VC fund backed by Sweden-based corporates including media conglomerate Bonnier Media, Zouk Capital and Hermes GPE.
Aggregate Media Fund injected $2.3m into Readly in June 2016 but it is unclear whether that constituted part of the series B round. Readly previously obtained Skr6.5m ($1m) in 2014 and reportedly secured $3m out of a $15m target later the same year.
Jörgen Gullbrandson, CEO of Readly, said: “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 fulfils 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.”