AP3 invests in €15m round for Readly

Existing investors Zouk Capital and Swedbank Robur also participated. Zouk is using its Zouk Growth II fund for the investment.

The investors used a revenue multiple for the company's valuation.

The founders and management team of the company, as well as Zouk, AP3, Swedbank Robur and Hermes GPE, are shareholders in the company. Partner Nathan Medlock of Zouk holds a seat on the Readly board. 

The fresh capital will be used to fuel expansion in European markets where Readly already has a presence. The company generates more than two thirds of its revenues outside its home market of Sweden.

Previous funding
Squadron Venture Media invested in a seed round for Readly in 2014.

In 2015, Zouk invested in a SEK 20m funding round for the company.

Media-for-equity investor Aggregate Media and Optimizer Invest participated in an SEK 20m funding round in 2016.

Existing investors Zouk and Aggregate Media, as well as Hermes GPE Environmental Innovation Fund and Commercial Growth Fund, participated in a €13m round in 2017.

Zouk and Swedbank Robur led a €10m investment round in August 2018.

Company
Founded in 2012, Readly is a digital subscription service that gives customers access to magazines on its app. The company also offers publishers the ability to track and analyse how their content is being consumed. Based in Stockholm, the company has a presence in eight countries and its portfolio includes more than 4,000 titles. It employs approximately 80 people in four offices. 

People
Readly – Maria Hedengren (CEO).

Advisers
Company – ABG Sundal Collier (corporate finance); Baker McKenzie (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• DACH
• Consumer
• Zouk Capital
• Sweden
• Venture
• AP funds