Online audiobook platform developer Storytel has bought Sweden-based, Arabic language-focused audiobook streaming service Kitab Sawti for an undisclosed sum, allowing media group Bonnier and telecommunications group Paltel to exit.
Founded in 2016, Kitab Sawti operates an online platform where users can stream a range of Arabic language audiobooks.
The cash-and-shares acquisition will allow Storytel to combine the company with its Storytel Arabia subsidiary to form a new division called Storytel MENA which will be led by Kitab Sawti co-founder and CEO Sebastian Bond.
Bond said: “We are really proud of what Kitab Sawti and our amazing team has achieved with our businesses in the Arabic region. I am confident that Storytel, with its technical capabilities, entrepreneurial spirit and multi-market experience, will be an excellent owner and develop these businesses further.
“I am also eager to experience the potential that will be unleashed as we continue to fuel the passion of the consumers and the unique qualities of the Arabic authorships, publishers and cultural life.”
The company raised $6m in a May 2019 round featuring Paltel, Bonnier subsidiary Bonnier Ventures, Kaaf Investments, Northzone and Abdulla Elya. It followed $1.4m from Inbox Capital and Creades in 2017 and another $1.1m from Northzone the following year.
