Kitab Sawti completes a $2M capital funding round from investors including Northzone.

Kitab Sawti, a Stockholm, Sweden-based company producing and distributing audiobooks in Arabic for the global market, secured $2M in capital investement.

The money was provided by Swedish investors, including venture firm Northzone and angel investors Sophia Bendz, Jacob Dalborg, Magnus Olsson and Abdulla Elyas.

Kitab Sawti, founded in 2015 by CEO Sebastian Bond, started as a project to help Syrian refugees in Swedish schools and claims to have become one of the world largest Arabic audiobook company. The company manages about 1000 titles and 500k users, and employs about 50 people located in offices from Stockholm, Dubai and Cairo.

The company is yet to become profitable, as in 2017 it lost roughly SEK 3M ($340k).

Priro to this, Kitab Sawti raised $1.6M from investors including Creades, Inbox Capital, STHLM VC, Mathias Ackermand and Lars Lindgren.