Swedish magazine service Readly has been described as the Spotify for magazines. For a fixed monthly fee, the user access to a large magazine selection.
After going through some financial difficulties, the company is now back on its feet and has raised €13.3 million. Of this, €3 million will be in the form of advertising from Aggregate Media and the British television station Channel Four. The remaining €10 million of investment was led by existing investor Zouk Capital, with participation from the UK venture capital firm Hermes GPE, and the VC firm Optimizer.
"We made a pretty big overhaul in 2015 and focused on our core markets of Sweden, England and Germany," CEO Per Hellberg told Breakit. Hellberg said that the company now successfully converts about 30 percent of users into paying customers after the test period.
Read more: Breakit (Swedish)
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