Swedish media group Storytel has bought Danish book streaming startup Mofibo for 100 million Danish crowns (approximately €13.5 million) to accelerate its international expansion.
Mofibo was founded in 2013 and is the leading service in book streaming in Denmark with more than 40,000 paying subscribers. The company also has its service available in Sweden and Netherlands. Mofibo had raised a total of $2.4 million in two rounds, in 2013 and 2016.
“I am proud of what Mofibo has achieved in a short time – it’s great to experience to see how an idea you have pondered become a business with 30 dedicated professionals, play an important role in shaping the future of the book market, with more than 100,000 books read or listened every month,” Morten Strunge, CEO and founder of Mofibo, said in a statement.