Industrifonden invests in Nextory - the digital book service of the future
Together with private investors and Aggregate Media, Industrifonden is investing SEK 20 million in Nextory AB, which is developing and offering the digital book service of the future. The current owners are also participating in the financing round.
With Nextory’s service, users can read and listen to an unlimited number of digital books for a fixed subscription price. The subscription includes the market’s widest selection of e-books, including a large range of bestsellers.
“The combination of a large selection of titles, modern subscription model and strong team sold us on Nextory. Smartphones and tablets are already established tools to consume film and music. To also read books digitally is a natural step in this development,” says Tore Tolke, Investment Manager at Industrifonden.
At this point e-books account for just one percent of the total Swedish book market – worth SEK 6 billion – but are expected to grow quickly in the coming years. In the US, one of every two books sold is an e-book. There are already services for audible books and magazines in Sweden, but Nextory is the most advanced e-book service in the market.
“Since our start in 2011 we have enhanced our technological platform and created a user-friendly, convenient service. We are now entering a growth stage where we plan to strengthen our position by tapping into Industrifonden’s capital resources, network and experience,” says Nextory CEO Shadi Bitar.
“Our goal is to be the leader in e-books in the Swedish market by offering the best service and largest selection.” Shadi Bitar concludes.
For more information, please contact
Shadi Bitar, CEO of Nextory AB, phone +46 70 781 74 41, shadi@frescano.se
Paulina Nyquist, Marketing Manager, Nextory AB, phone: +46 70 255 30 82, paulina@frescano.se
Tore Tolke, Investment Manager, Industrifonden, phone: +46 70 424 30 51, tore.tolke@industrifonden.se
About Nextory
Nextory offer a subscription service with unlimited access to both e-books and audio books. In Nextory you will find the market’s widest selection of e-books and audio books, including a large range of bestsellers. You can listen to and read directly with our iOS or Android app. Nextory AB was founded as a subsidiary of Frescano Group, which also includes the companies Svenska Julförlaget and Vår Bazaar. Frescano Group is majority owner of Nextory AB.
About Industrifonden
Industrifonden is one of Sweden's most experienced and active investors in early-stage tech and life science companies aiming for international growth. We are a long-term partner with about SEK 4 billion in assets and serve as an active owner together with entrepreneurs and co-investors. Our passion is to build lasting value and successful companies. For further information, visit www.industrifonden.com or twitter.com/industrifonden