Storytel AB (“Storytel” or “the Company”), northern Europe’s leading service for audiobooks and e-books, announces that the independent growth equity firm Vitruvian Partners (“Vitruvian”), has purchased a block of shares from the Company’s largest shareholder Roxette Photo NV, closely related to early investor and Storytel board member Jonas Sjögren. The acquisition is corresponding to approximately 3% of the shares in the Company. Following the transaction Roxette Photo NV remains the largest shareholder in Storytel AB retaining a holding of approximately 17% of the Company’s shares.
Founded in 2005 and headquartered in Stockholm, Sweden, Storytel’s rapid trajectory of global expansion and investment in the digitalization of the book market, has made the Company one of the world’s leading audiobook and e-book streaming services, with over one million paying subscribers across 18 markets and an offering of unlimited listening and reading of more than 300 000 titles on a global scale.
Vitruvian Partners has a leading track record and significant experience in backing rapidly growing and innovative technology companies, and will support Storytel’s international expansion strategy as a significant minority shareholder. Vitruvian has a strong presence in the Nordics with an office in Stockholm, Sweden.
– Storytel welcomes Vitruvian on board as we gear up and continue to grow our global footprint, creating additional value for our business as well as in the everyday life of our rapidly growing customer base around the world. I am also delighted that Storytel’s early investor and board member Jonas Sjögren and Roxette Photo continue to be significant shareholders, says Storytel’s founder and CEO, Jonas Tellander.
A spokesperson for Vitruvian commented:
– Vitruvian is excited to invest in Storytel as the global market for spoken word content, and audiobooks in particular, is rapidly approaching an inflection point of accelerated growth. Jonas Tellander and his team have created a truly outstanding market leader growing Storytel to its current size and we look forward to partnering with the Company supporting the next phase of its development and leveraging our experience and network to help create value for all shareholders over the coming years.
FNCA Sweden AB is the company’s certified adviser. FNCA can be reached at info@fnca.se and +46 8 528 00 399.
For more information about Storytel:
Jonas Tellander, CEO: +46 70 261 61 36
Sofie Zettergren, CFO: +46 70 509 98 08
Dan Panas, Head of Communications: +46 70 186 52 90
For more information about Vitruvian Partners:
Thomas Ahlerup, press contact: +46 76 896 63 00