Kitab Sawti was acquired by Storytel.

Kitab Sawti, a Stockholm, Sweden-based ompany providing audiobooks for the Arabic audience, announced in a press release that it was acquired bu the Swedish media company Storytel.

Financial details of the deal were not disclosed. Following the transaction, Kitab Sawti's CEO Sebastian Bond will lead Storytel's operations in the MENA region.

Kitab Sawti, founded in 2015 by Sebastian Bond and Anton Pollak, was launched initially as a project to help Syrian refugees in Swedish schools. The company has build since then a market position as an Arabic audiobooks provider, serving the Middle East and the Arabic-speaking world.

Kitab Sawti is bleeding money as it has losess of SEK 27 M at a turnover number of SEK 2.4 million and was backed by about $10 raised from venture investors, including Bonnier Ventures, Northzone and Inbox Capital.