“The proceeds will…finance potential future acquisition opportunities in accordance with Storytel’s communicated expansion strategy.”

A “Directed Issue” of Storytel shares intended to bring in fresh funds for Jonas Tellander’s global ambitions was “significantly oversubscribed” and brought in $138 million.

This, on top of the $97 million the company secured in 2020 and the $50 million credit facility at end 2019, means Storytel has attracted funding to the tune of $285 million in the past 18 months.

Storytel raises $96.5 million in new funding. A vote of confidence in the unlimited subscription model, not just the company

Having covered Storytel’s Saudi Arabia and Egypt launches just days ago –

Storytel launches in Saudi Arabia and Egypt. Storytel MENA a “catalyst for growth and a greenhouse for opportunities and cooperation in the Arab market”

I’ll keep this report to the bare essentials.

Per the press release, the reasons behind the latest funding boost included wanting to:

raise capital for the Company’s continued expansion, as well as to diversify the shareholder base with Swedish and international investors. The proceeds will, inter alia, finance the Company’s accelerated investments in content production, sales and marketing as well as to finance potential future acquisition opportunities in accordance with Storytel’s communicated expansion strategy.

A reminder here that Storytel is now in 24 markets, has 2 imminent new launches, and plans to be in 40 markets by 2023.