Readly raises €13M in Series B funding from Zouk Capital and Hermes GPE.
Readly, a Växjö, Sweden-based platform offering the digital magazine newsstand, announced it has raised €13M ($14.6M) in additional funding to drive the next stage of its development. The series B funding comes from Zouk Capital and Hermes GPE as well as from existing shareholders. In addition, Channel 4’s Commercial Growth Fund and Aggregate Media Fund also participated in the round.
The company will use the funds to further its international expansion and support growth in its existing markets.
Readly, founded in 2013 and led by CEO Per Hellberg, offers an app for tablets and smartphones that lets customers have unlimited access to thousands of national and international magazines for a fixed monthly subscription. The service is currently providing access to 2000 titles from over 400 publishers.