Odilo, a technology company whose proprietary solution enables entities with large groups of users to access digital content – e-books, audio and video on demand – has obtained 1.3M € to continue to finance its international expansion and strengthen its line of Content as a Service (CaaS) business model.
The funding round was led by Inveready Technology Investment Group and complemented by the public funding entity ENISA. With this transaction Inveready now joins ACTIVE Venture Partners which led the first financing round in 2014.
Odilo has developed a platform for digital content management that allows entities with large groups of users to offer their user base access to digital content on demand through a pay-per-consumption model.
The company is a leader in the Spanish speaking market -3rd language in number of speakers – being the technological platform provider of the national e-book library of Spain (eBiblio) and Chile, as well as the Cervantes Institute, allowing these to offer their catalog of eBooks through a loan mode so its users can download it on their devices for free without having to go to the physical library.
Following the successful implementation in Spain, the company has undertaken an internationalization process that has awarded them public contracts in Europe, Latin America and North America. In the United States, in particular, they were awarded the contract to deliver digital content to the whole State of Michigan.
Since last October, Odilo has become the first company outside the United States to sign a global distribution agreements with the five largest publishing groups in the world.
The funding obtained from Inveready and ENISA will allow the company to continue on its successful market expansion opening new markets, having signed new trade agreements in Asia and Europe in order to reinforce its digital education area where Odilo’s solution has generated a lot of interest, such as from primary schools in the United States.
Rodrigo Rodriguez, CEO of the company, says: “The new funds will allow us to continue our internationalization strategy. Some time ago we decided to go for a Content as a Service model, allowing all kinds of communities to deliver content to their users paying only for what they consume. This business model is especially adapted to libraries, government agencies and schools, and is also recently perceived as an added value for private groups such as the hotel or transport industry. The great adoption, both nationally and internationally, validates our vision. The vision is to value culture and bring it to the largest possible number of people through new forms of consumption and with attractive distribution models which is possible with our technology.”
Ricard Söderberg, Founding Partner at ACTIVE Venture Partners, says: “We are adding a valuable investor to Odilo and we are happy to work together with Inveready going forward. Odilo has a fantastic product range for public libraries and schools that can certainly become a game changer for this industry with its innovative business model. “