Swedish online platform with a catalogue of digital literary content Nextory has raised 9.3 million euros (MSEK 100) from Industrifonden, Acacia and LK Finans. This new funding will support the startup’s growth in publishing industry and will pave the way for its expansion on a global level. Nextory, founded in Stockholm in 2015, is a B2C SaaS company that aims to make the world’s books available to more people and increase reading by creating richer reading experiences.
The book service Nextory raises SEK 100 million in new funding
Nextory, one of the fastest growing book services in Europe, now raises new funds to finance its rapid growth and continued international expansion. A total of SEK 100 million is now being added to the company, where existing investors such as Industrifonden, Acacia and LK Finans have participated in the round.
The journey towards making the world a place with more readers continues for the book service Nextory. The company is now established in ten European markets, where successful launches in Spain and France have been the latest expansions. During the first quarter of the year, Nextory reported an increase in the number of paying users of 69 percent, compared to the same quarter in 2021. Now the company has also reached profitability in the Nordic segment of operations.
“Despite the times we’re in, we have seen great interest from both new and existing investors in our latest round. It’s fantastic to see what strong support and trust we have from owners,” says Shadi Bitar, CEO and Founder at Nextory.
“We see continued strong growth in our various markets and we have a strong focus on profitability going forward. At the same time, money is needed to grow and therefore we have chosen to raise new funds. These will mainly be used to finance our business plan, so that we can continue to grow in existing markets and also expand to new countries,” says Johan Simberg, CFO at Nextory.