The digital newsstand readly lay down its Stockholm office with five employees. Staff are also expected to be terminated from the main office in Växjö. It writes Breakit.
readly also have employees in the US, England and Germany where reductions probably also waiting, according to the site.
readly started two years ago and has been described as a Spotify for magazines. But the company’s loss amounted last year to 94 million, which is behind the cuts.
The venture capital company Zouk Capital is a major shareholder and has promised to step in with more money in the company. Readlys CEO Per Hellberg hope that financing will be completed sometime next year.
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– Our lead investor Zouk Capital has guaranteed the bulk of a rights issue which we expect of having completed the second part of October, says Per Hellberg Breakit.
He would not disclose how much money it involved. But according to the prospectus Breakit studied and gone out to investors talking about almost 150 million. To date, approximately SEK 50 million of the money received by the company to part.
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