16 November 2020

Nextory raises SEK 165 million for continued expansion in Europe

Nextory is raising new funds to finance its rapid growth and continued international expansion. A total of SEK 165 million is now being added to the company. CNI and Erik Selin are among the new owners. Several existing investors are also investing, such as Industrifonden and Acacia.

Nextory is the fastest growing digital book service in the Nordics and has almost doubled its customer base during this year compared to the previous year. At the same time, sales of books in digital subscription services in Sweden increased by 32 percent from January to August compared with the same period in 2019.

– Nextory has continued to grow at a rapid pace during 2020 and we have exceeded several of our goals during the year. We have had a fantastic growth in all our markets and therefore we chose to raise more funds to speed up even more. The new funds will primarily be used to scale up our global expansion, but also for development and innovation in the app, says Shadi Bitar, CEO and founder at Nextory.

– We have seen a lot of interest from investors and the round was quickly oversubscribed. Nextory is a significant engine in the digital transformation of the book market, both in Sweden and globally. Our focus on being the absolute best book app for families has proven to be just right, especially in these times, says Johan Simberg, CFO at Nextory.

Carnegie Investment Bank acted as financial advisor and the law firm Vinge acted as legal advisor in this transaction.