Press release -
Nextory raises SEK 60 million for continued expansion
The book service Nextory is raising new capital in order to finance its rapid growth and its continued international expansion. The existing owners, together with a few minor private investors, are now investing SEK 60 million into the company.
In 2019, the sale of books via digital subscription services increased by 36 per cent in Sweden. During the same period, Nextory experienced growth of 114 per cent and doubled the size of its customer base. Nextory's owners Industrifonden, LK Finans AB, ACACIA and the Frescano Group, together with a few new private investors, are providing around SEK 60 million in order to finance the company's continued growth and expansion.
"We are continuing to grow rapidly, and we surpassed several of our objectives in 2019. It feels great that our existing owners have given us this additional funding as a sign of their continued confidence. The money will mainly be used to aid our global expansion. So far, we have enjoyed amazing growth in Sweden and Finland, but continued growth requires additional capital, which is why we need these additional resources", explains Shadi Bitar, CEO and founder of Nextory.
"The market for digital books has a very exciting future – not least in the current climate, where many people are spending more time at home, and have more opportunity to read and listen than ever before. This makes it particularly important that we are able to offer a good range of titles. Nextory is well positioned to play a leading role in this global growth market, and we are delighted to be involved in supporting them in this exciting journey", says Tore Tolke, Investment Director at Industrifonden.
Nextory is a subscription service for audiobooks and ebooks that was founded in 2015 and the app is launched in several European countries. Nextory's vision is to increase reading by creating richer reading experiences. They make books more available to give you a richer life. No matter what you need, feel, or wonder there's a book for it. Try for free during 14 days at www.nextory.com.