# Readly

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/readly

- Industry: Media
- Headquarters: Vaxjo, Sweden
- Website: www.readly.com
- Total disclosed funding: $15M
- Latest round: Series B (May 17, 2017)
- Investors on record: 5

## About

Readly AB provides a digital subscription service for magazines, granting users access to diverse publications through a single app, enhancing reading experiences for customers worldwide.Founded in 2012 in Värnamo, Sweden, Readly AB operates as a digital magazine platform, allowing users to explore a wide range of publications. The company was established by Henrik Barck and Joel Wikell, and is currently led by CEO Jean-Frédéric Lambert. Since its inception, Readly has engaged in six funding deals, with the most recent being an IPO on September 7, 2020, raising SEK 450 million through the sale of 7.63 million shares on the Nasdaq Stockholm. This capital encompasses the total amount raised by the company to date.Readly offers a comprehensive digital magazine subscription service that provides access to a wide array of magazines through a single app. The core offering is a subscription model priced at USD 12.99 mn per month, allowing users to explore a diverse selection of magazines across various genres, including lifestyle, technology, fashion, and health. This service primarily targets avid readers, families, and professionals looking for convenient access to publications without the need for individual purchases. Readly serves a global audience, with its services available in multiple regions, including Europe, Asia, Oceania, the Americas, and Africa. The platform emphasizes user experience by utilizing cookies to personalize content and enhance functionalities, ensuring that customers enjoy an engaging and tailored browsing experience.For the most recent fiscal year in 2022, Readly reported a revenue of SEK 51.03 mn and an EBITDA of SEK -9.37 mn. The revenue model primarily relies on its subscription structure, where users pay a monthly fee for unlimited access to a vast magazine library, directly catering to diverse reading preferences.In the wake of its recent IPO, Readly plans to utilize the SEK 450 million raised to enhance its product offerings and expand into new geographic markets. Future initiatives include the launch of new digital products aimed at increasing user engagement and broadening its magazine selection. Specific target markets for expansion have not been detailed, but the company aims to leverage its existing infrastructure to reach more customers globally by late 2023.

## Funding rounds

- Series B, May 17, 2017, $15M — Zouk Capital, Channel 4, Federated Hermes, Aggregate, Optimizer Invest

## Investors

- Zouk Capital (https://capitalatlas.ai/funds/zouk-capital) — Series B
- Channel 4 — Series B
- Federated Hermes (https://capitalatlas.ai/funds/federated-hermes) — Series B
- Aggregate (https://capitalatlas.ai/funds/aggregate) — Series B
- Optimizer Invest — Series B