Edda Pay raises nearly 6 million - transforming the book industry

The three former Storytel executives have developed a digital service that gives the book industry what it has long been looking for - real-time sales data and, in the long term, flexible payments to authors. Now Edda Pay is raising SEK 5.75 million in a heavily oversubscribed investment round. Among the investors are fintech profile Oscar Franzén and Almi Invest.

- The investment is a crucial milestone in creating a more financially sustainable and transparent book industry globally. The interest in Edda Pay has been overwhelming and we are happy to now have investors on board who contribute with invaluable expertise, commitment and belief in our vision, says Sofia Svärdh, CEO and co-founder of Edda Pay.

- Edda Pay has the potential to be a game-changer. With a solution that meets a concrete global need in a traditional industry, and with unique knowledge and experience, I am convinced that the team behind Edda has the ability to create real change in the publishing world," says Oscar Franzén.

From the 19th century remuneration model to real-time data 

Although the global book industry has an annual turnover of around USD 140 billion - almost five times that of the music industry - it is, according to the founders, far behind in terms of data maturity.

Authors can wait up to 18 months to receive their earnings and often have limited or no visibility into how their books are actually selling. At the same time, publishers rarely have access to a comprehensive picture of their sales and lack the technology to manage faster and more flexible payments to authors themselves.

The new investment gives Edda Pay a springboard to take the next step in modernizing the book industry - rolling out the platform widely and making it available to more authors and publishers. Using machine learning, the platform provides both parties with a real-time view of sales and allows for more flexible, demand-driven payments.

- Edda Pay gives the book industry the transparency and control it has lacked for decades. With a great team and deep industry knowledge, they have created a solution that can completely change the playing field," says Linda Elfving, Investment Manager, Almi Invest.

Pilot project with Storytel and Lind & CO 

In 2024, Edda Pay released its pilot version, which was tested in a project together with both Storytel and the publisher Lind&Co. Early results showed 94.6 percent accuracy in the algorithm.

- In February, the first paying customer will come on board and will offer the tool as a Beta to their authors. We also have additional publishers coming on board. Thanks to the investment, we look forward to rolling out the product widely and launching in more markets," says Sofia.