Laterpay offers online media a convenient way for readers to pay for the content they consume. The principle: read first, pay later. The Munich-based company was able to convince its existing investors to provide additional funding of $10 million.
According to information from startup scene and the Swiss Commercial Newspaper Participating in the current financing round are Flaregames founder Klaas Kersting, Swisscom Mobile CEO Adrian Bult, the Schoeller family of entrepreneurs, and IHAG Holding. Data tool from Munich startup 'Data & Insights' Previous financing of the Munich-based company amounting to 14 million euros is recorded.
Investors bet on Laterpay despite setback
Many news readers are familiar with Laterpay from Spiegel Online: Not so long ago, if you wanted to read a paid article on the online publication, you didn't have to pay immediately. Instead, the price was displayed, and you confirmed the purchase. Only once you accumulated a debt of €5 did you have to pay it before you could read another Plus article. However, around two years ago, Spiegel Online abandoned the model and has since offered online subscriptions. It was reported that revenues fell short of expectations.
However, this setback has not deterred Laterpay from its further expansion into the USA – and apparently has not shaken investors’ confidence in the Munich-based company.
