Readly is a digital magazine subscription service founded in 2012 in Växjö, Sweden. The company offers users unlimited access to over 4,000 local and international magazine titles through one app. It operates in eight European countries and the US and generates more than two-thirds of its revenues outside its Swedish headquarters. Readly plans to continue expanding across European markets and to lead the digital transformation of magazine publishing, according to CEO Maria Hedengren. The company was ranked in the Financial Times’ 2019 ‘1000 Fastest Growing Companies in Europe’ (top 200 overall and the second fastest growing company in Sweden). In May 2019 Readly launched its service in Italy, further strengthening its content portfolio. Readly is a Stockholm-based digital magazine newsstand that offers a subscription app for tablets and mobile phones. Led by CEO Jörgen Gullbrandson, the app gives customers access to national and international magazines for a monthly fee. The service has readers in 46 markets and provides access to over 3,200 national and international digital magazines. Readly is present in Sweden, the UK, Germany, Austria and Switzerland and plans further international expansion. In August 2018 the company raised €10m in funding, with backers including Swedbank Robur and Zouk Capital. The company intends to use the funds to continue expanding internationally and to grow in its existing markets. Readly is a subscription service often described as the "Spotify for magazines," offering users access to a large selection of magazines for a fixed monthly fee. The company underwent a major overhaul in 2015 and refocused on core markets including Sweden, England and Germany. After experiencing financial difficulties, Readly is now reporting a recovery and has secured new financing. Management says the service converts about 30% of users into paying customers after the test period. The recent fundraise provides fresh capital as the company continues to execute on its core-market strategy. No revenue figures or founding year are disclosed in the article.

Total raised

$40M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2019