Since being founded in 2012 in Växjö, Sweden, Readly has led the market for digital magazine subscriptions, providing users with unlimited access to local and international content from well-renowned publishers, all in one app. With a presence in eight European countries and the US, Readly generates more than two-thirds of its revenues outside its Swedish headquarters.
Readly has now raised a €15 million investment round led by the Third Swedish National Pension Fund (AP3), London-based Zouk Capital, and Swedbank Robur, with participation from other existing and new investors. The funds will primarily be used to fuel continued expansion in European markets.
“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,” said Maria Hedengren, CEO of Readly. “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 its content portfolio, which now includes over 4,000 titles.