Already in Sweden, Finland, Denmark, Germany, Austria and Switzerland, Nextory CEO Shadi Bitar has announced a new round of funding worth SEK 60 million ($6 million), coincidentally as subscription rates doubled in March compared to the same period last year.
Bitar said in a press release:
Nextory is going out into the world. So far, we have had fantastic growth in Sweden and Finland, but capital is needed to grow and that is why we needed to replenish the cash register.
Speaking to Boktugg, Sitar said the company was profitable in Sweden and progressing well in Finland, but declined to elaborate further.
Asked about the impact of the coronavirus on the subscription model, Bitar said,
We can see that interest in audio and e-books has increased significantly in recent weeks. Almost twice as many people started new subscriptions last week compared to the same week last year (adding) we continue to grow rapidly and we exceeded several of our goals in 2019.
It feels great that we have now received increased funding and further confidence from our existing partners (Industrifonden, LK Finans AB, ACACIA and Frescano Group as well as some new private investors).
Recent TNPS coverage of Nextory includes: