The listed audio book app keeps growing and attracts investors. Storytel has now raised $12 million from institutional investors.
Earlier this week we reported on Storytels ongoing success when the company beat its own prognosis for Q3 2016. The company is listed on trading platform Aktietorget, and the stock went up slightly after the report (article in Swedish).
Now, the company has raised $12 million in a private placement. Five separate investors bought shares through the investment bank ABG Sundal Collier. Which companies it is has yet to be revealed but a press release from Storytel states that they are all major institutional investors, such as Swedbank Robur and Handelsbanken Fonder.
The new capital will be used in part to cover pre-existing loans from the acquisition of publisher Norstedts(article in Swedish). However, around $7 million is available for further acquisitions.
Storytel has a market cap of $200 million.