Nextory raises SEK 51M in a fresh investment round backed by LK Finans and existing investors Industrifonden and Acacia.

Nextory, a Stockholm, Sweden-based company offering a subscription service to e-books and audio books, announced in a press release that it secured SEK 51M ($6.2M) in a financing round.

The investment was led by LK Finans AB and included existing investors Industrifonden and ACACIA. The money will be used to further the expansion both internationally and in Sweden, especially in the growing e-book market where it aims to becoming a market leader.

Nextory, founded in 2012 as E2GO and led by CEO Shadi Bitar, developed a digital subscription service for audio and e-books. In 2016, it accounted for sales of SEK 14.5M ($1.8M) and for losses of SEK 19.5M - in 2017 it expects a turnover increase of almost 3X.

Prior to this transaction, Nextory raised a little more than $8M in outside capital, with $3.4M secured in April 2017.