Nextory to raise SEK 165 million from CNI and Erik Selin.

Sweden Investments 16 November 2020
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Nextory, a Stockholm, Sweden-based media company operating a digital book service in the Nordic region, announced securing funding of SEK 165M ($19M).

The money was raised from local investors from Sweden, new and already existing shareholders, including Industrifonden, CNI, Acacia and Erik Selin.

Proceeds will be used to expand the business.

Nextory, founded in 2012 as E2GO and led by CEO Shadi Bitar, developed a business around a digital service providing access to digital books. The company, which is not profitable, claims to almost have doubled its customer base in 2020 and saw a 30% revenue increase from SEK 174M ($20M) in 2019.

Nextory previously raised more than $20 million.