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By Miriam Behmer

Readfy Completes Financing Round

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Dear Companists,

Today, we have great news for you! The BLSW fund is investing €500,000 in readfy. readfy is the first company worldwide that offers free access to ten thousands of e-books, including international bestsellers. During this financing round, our company was valued at €3 million (post-money valuation), which means its value has doubled since our last financing round on Companisto. Indeed, readfy had a post-money valuation of €1.5 million during our previous financing round. As a result of the new valuation, BLSW will receive a 16.67 % share in readfy through its investment.

The BLSW fund finances and supports seed and start-up projects of young technology companies with innovative business models. The fund's management has considerable international expertise in entrepreneurship, financing, and industry and possesses relevant networks in these areas. In addition, the fund has experience in structuring spin-off companies launched by companies and by technological and scientific institutions. Over the past 15 years, the fund's managers have supported and financed more than 80 start-ups. The fund collaborates with various institutional venture capital companies and with private investors (i.e., angel investors and family offices). Moreover, it is an accredited lead investor and coach at High-Tech Gründerfonds (a German high-tech start-up fund) and Kreditanstalt für Wiederaufbau (the German government's public development bank).

 

What Will We Do with the Investment?

We will invest the capital raised primarily in the following areas:

  • Scaling up our user base: Through targeted new customer marketing, particularly through our social and mobile marketing channels, we will gradually increase our user base. The first campaigns started as early as last year, and these campaigns' results have been developing in a promising fashion so far.
  • In the next few months, we plan to introduce a paid model in addition to our existing free model.
  • Expanding our e-book catalog
  • Expanding our readfy team
  • Finally, we have many other exciting ideas for further improving our product and for adding new features.

 

What Is Our Current Situation?

Finally, we would also like to provide you with some information on our current situation:

  • As early as this week, we will surpass the important number of 50,000 available e-books.
  • Our apps have already been downloaded more than 100,000 times in total.
  • All readfy users combined have read over 30 million pages.
  • Moreover, the average number of pages read per active user has kept increasing, and it reached 387 pages in December.
  • The average age of our users in December was 42.3. On average, our target group has become slightly younger.
  • The proportion of women has also increased and reached 57 % in December. Women are reading disproportionately much; 71 % of pages read in December were read by women.

 

We look forward to the next months with you.

Best regards,
The readfy team

 



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