Hungary · Budapest · Founded 2013 For-profit
Magyar Jeti / 444
444 is a Hungarian news site covering national politics, public affairs and daily news. Its publisher also runs the fact-checking site Lakmusz and the science site Qubit.
Visit website ↗
Interviewed
Gábor Kardos, CEO
Turnover and result latest closed year
Turnover
€4.67M
P&L
+€337k
Result equals 7.2% of turnover
Revenue mix
~55%
~55% Audience
~33% Advertising
~12% Institutional
Reported as ranges rather than exact shares; shown as midpoints scaled to 100%, so read them as estimates.
Headcount 76–125
Capital in, revenue out log scale
€10k €100k €1M €10M
€750k–1M
€4.67M
● launched with● turnover today×5.3 on launch capital
Time to break even 7 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds 21–30%
Investors Founders & newsroom
0% 50% 100%
Paying audience
20,001–50,000
From the report
■ Launched in April 2013 with less than €1 million, after nearly two years of fundraising
■ Sold 28% to MDIF in two tranches, partly for the protection an international investor could provide; bought it back in 2025 as a foreign-agent law loomed
■ Voluntary donations from 2017, converted into full membership with exclusive content in 2021
■ Built Lakmusz (fact-checking) and Qubit (science) around the core site
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
France · Paris · Founded 2014 For-profit
Brief Media / Brief.me
Brief.me is a French news service that summarizes the day’s news in a daily email, with separate weekly editions on economics and science. It also supplies briefings to schools and education authorities.
Visit website ↗
Interviewed
Laurent Mauriac, Co-founder and President
Turnover and result latest closed year
Turnover
€2.02M
P&L
+€174k
Result equals 8.6% of turnover
Revenue mix
~87%
~87% Audience
~12% Institutional
~1% Other
Headcount 25
Capital in, revenue out log scale
€10k €100k €1M €10M
€100k
€2.02M
● launched with● turnover today×20.2 on launch capital
Time to break even 3 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds <10%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Built its cap table around the core capabilities it needed: editorial, technology, design and finance
■ Revenue-as-capital launch: subscriptions sold to a publication that did not yet exist
■ Two years of what its founder calls controlled losses to hire ahead of revenue; steadily profitable since 2020
■ Acquisition cost held below the €69 price of a year’s subscription, against a lifetime value near €200
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
France · Paris · Founded 2013 For-profit
Contexte
Contexte is a French publication covering French and European policymaking across eight areas, including energy, transport, health and media. It publishes briefings, analysis and legislative tracking tools for professional readers.
Visit website ↗
Interviewed
Jean-Christophe Boulanger, CEO
Turnover and result latest closed year
Turnover
€12.94M
P&L
+€520k
Result equals 4.0% of turnover
Headcount 121
Capital in, revenue out log scale
€10k €100k €1M €10M
€100k
€12.94M
● launched with● turnover today×129 on launch capital
Time to break even <1 year
Profitable within the first year · axis in years
Equity to investors after formal fundraising rounds <10%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Nine people on payroll against €100,000 of equity, carried by a €1 million non-repayable grant over its first two years
■ Carried advertising early, then moved to a pure business-subscription model
■ Added a fifth to revenue in 2025 on a €10.7 million base
■ Roughly €2 million in cumulative share sales, at an average multiple its founder puts at four to five times
■ Turned down a €12 million offer from an international competitor in 2022, which came with a threat to back a rival if it refused; its founder took a few days to think, then said no without negotiating
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Germany · Berlin / Essen · Founded 2013 Nonprofit
CORRECTIV
CORRECTIV is a German nonprofit newsroom covering corruption, the far right, health and the environment. It also runs a fact-checking desk, a local reporting network and a journalism school.
Visit website ↗
Photos: Ivo Mayr / CORRECTIV
Interviewed
David Schraven, CEO and Publisher
Florence Wild, Chief Development Officer and Member of the Management Board
Turnover and result latest closed year
Result equals 10.0% of turnover
Revenue mix
~65%
~65% Audience
~30% Institutional
~5% Other
Headcount 126–200
Capital in, revenue out log scale
€10k €100k €1M €10M
€3M
~€10M
● launched with● turnover today×3.3 on launch capital
Time to break even 7 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds None
Investors Founders & newsroom
0% 50% 100%
No equity given to outside investors
Paying audience
>19,000 (voluntary donors)
From the report
■ A €3 million foundation grant over three years did what launch equity did elsewhere
■ More than €5 million in further grants since
■ €1.6 million net on €9.4 million revenue in 2024; revenue passed €10 million in 2025
■ A single investigation, 2024’s Geheimplan, brought in close to €4 million by CORRECTIV’s own estimate (north of €1 million by our more conservative count)
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Netherlands · Amsterdam · Founded 2013 For-profit
De Correspondent
De Correspondent is a Dutch news platform whose journalists each cover a single subject long-term rather than the daily news agenda. It publishes reporting, essays, podcasts and books.
Visit website ↗
Interviewed
Rob Wijnberg, Co-founder and Editor-in-Chief
Turnover and result latest closed year
Turnover
€8.2M
P&L
+€100k
Result equals 1.2% of turnover
Revenue mix
70.2%
70.2% Audience
1.8% Institutional
28% Other
Headcount 62
Capital in, revenue out log scale
€10k €100k €1M €10M
€1–1.5M
€8.2M
● launched with● turnover today×6.6 on launch capital
Time to break even <1 year
Profitable within the first year · axis in years
Equity to investors after formal fundraising rounds <10%
Investors Founders & newsroom
0% 50% 100%
From the report
■ “Purely crowdfunding”: €1–1.5 million in pre-sold memberships, no investors at the start
■ Profitable in its first year
■ Founding group included its design agency
■ Book operation: four to eight titles a year, sold into a book membership that delivers every title automatically; more than 152,000 copies sold in 2023, a fifth of company revenue
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Slovakia · Bratislava · Founded 2014 For-profit
Denník N
Denník N is a Slovak daily covering national politics and investigations, published online and in print. It also publishes Czech and Hungarian editions, books and podcasts.
Visit website ↗
Interviewed
Tomáš Bella, Co-founder and Chief Digital Officer
Turnover and result latest closed year
Turnover
~€7.9M
P&L
+€539k
Result equals 6.8% of turnover
Revenue mix
~67%
~67% Audience
~13% Advertising
~1% Institutional
~19% Other
Headcount 150
Capital in, revenue out log scale
€10k €100k €1M €10M
€1.5M
~€7.9M
● launched with● turnover today×5.3 on launch capital
Time to break even 3 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds 51%
Investors Founders & newsroom
0% 50% 100%
Since launch, the company has bought back a majority stake, returning control to the newsroom and founders.
From the report
■ Editor-in-chief resigned with his deputies and more than forty colleagues when Penta moved into SME’s owner
■ €1.2 million from six ESET co-owners in what Tomáš Bella calls “one meeting”; they took 51% and contractually absented themselves from the journalism; the newsroom and founders later bought back a majority
■ The cohort’s largest dividend payer: €2–5 million over its lifetime; net margin around 7%
■ Entered the Czech Republic in 2018 through a joint venture; acquired Brussels-based EUobserver from its cash reserves in February 2026
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Austria · Vienna · Founded 2012 Nonprofit
Dossier
Dossier is an Austrian nonprofit investigative outlet covering the media industry, politics and business. It publishes online and in a quarterly print magazine, and runs a data journalism school.
Visit website ↗
Interviewed
Florian Skrabal, Publisher, CEO and Journalist
Turnover and result latest closed year
Result equals 0.0% of turnover—broke even
Revenue mix
~71%
~71% Audience
~29% Institutional
Headcount 10
Capital in, revenue out log scale
€10k €100k €1M €10M
<€10k
~€700k
● launched with● turnover todayAt least ×70 on launch capital
Time to break even 5 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds None
Investors Founders & newsroom
0% 50% 100%
No equity given to outside investors
From the report
■ Began when Florian Skrabal’s investigation into media corruption went unpublished by his mainstream employer: “Nobody’s going to publish on media corruption in Austria, because everybody’s in it”
■ Launched with under €10,000; no external capital since
■ Sued by energy company OMV, it crowdfunded its defence and gained around 3,000 members, roughly doubling its membership
■ Raised the membership price from €52 to €65 in 2023 and lost essentially nobody
■ A ladder of live formats: member evenings valued for the renewals they secure, lecture performances with journalists alongside actors, and theater plays built on its investigations
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Spain · Madrid · Founded 2018 For-profit
El Orden Mundial
El Orden Mundial is a Spanish-language site covering international affairs, geopolitics and history. It publishes articles, maps, podcasts and video.
Visit website ↗
Interviewed
Fernando Arancón, Director
Eduardo Saldaña Lisedas, Co-director
Turnover and result latest closed year
Result equals 9.2% of turnover
Revenue mix
~68%
~68% Audience
~30% Advertising
~2% Other
Headcount 20
Capital in, revenue out log scale
€10k €100k €1M €10M
€40k
€817k
● launched with● turnover today×20.4 on launch capital
Time to break even 1.5 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds <10%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Began around 2012 as a blog run by Spanish students of international relations, who spent years publishing without pay before incorporating
■ Interest from a national radio program pushed the group to write a business plan and crowdfund €40,000
■ Profitable within a year and a half, less than half the time its own plan predicted
■ Gave a small equity stake to a programmatic advertising specialist and a media advisor because it could not pay their fees
■ Revenue a little over €800,000, and no external capital since launch
■ Renovating a Madrid bookstore as an events venue
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Spain · Madrid · Founded 2012 For-profit
elDiario.es
elDiario.es is a Spanish news site covering national politics, society and the economy. It also publishes regional editions across most of Spain.
Visit website ↗
Interviewed
Esther Alonso Rodríguez, Director of Marketing, Product and Technology
Turnover and result latest closed year
Turnover
€17.35M
P&L
+€1.48M
Result equals 8.5% of turnover
Revenue mix
42.1%
42.1% Audience
50.5% Advertising
7.4% Other
Headcount 247
Capital in, revenue out log scale
€10k €100k €1M €10M
€395k
€17.35M
● launched with● turnover today×43.9 on launch capital
Time to break even <1 year
Profitable within the first year · axis in years
Equity to investors after formal fundraising rounds 21–30%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Roughly €17.35 million in annual revenue, advertising above 50%
■ One of only two ventures in the cohort that pay owners a regular dividend: €2.2 million of €8.3 million cumulative profit paid out by 2024, the rest reinvested; staff hold over 70% of the shares
■ Built scale across Spain through seventeen regional entities, fourteen of them joint ventures
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Netherlands · Amsterdam · Founded 2015 For-profit
Follow the Money
Follow the Money is a Dutch investigative site covering companies, institutions and financial flows in the Netherlands and the European Union. It publishes investigations, databases and books, and runs an English-language edition covering Brussels.
Visit website ↗
Interviewed
Jan-Willem Sanders, Managing Director and Publisher
Turnover and result latest closed year
Turnover
€6.31M
P&L
~+€50k
Result equals 0.8% of turnover
Revenue mix
76.5%
76.5% Audience
12% Institutional
11.5% Other
Headcount ~50
Capital in, revenue out log scale
€10k €100k €1M €10M
<€10k
€6.31M
● launched with● turnover todayAt least ×631 on launch capital
Time to break even 4 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds 31–40%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Early capital came partly from wealth made in an IT consultancy; an industrial wax manufacturer wrote his own business plan for the outlet and made his money conditional on hiring a publisher
■ The pitch to investors: “give us money, and trust us, because the work is important.” They were somewhat surprised not to lose their money, and the impact investor it bought out said his return was that it had “become a mature, sustainable organization”
■ Its primary acquisition channel is offline: full-page ads in Saturday newspapers with a QR code into a trial membership, at about €55 per new member against a lifetime value of roughly €300
■ Built a three-tier protective structure in the middle of a SLAPP suit, and turns down EU money on conflict-of-interest grounds
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Germany · Berlin · Founded 2014 Cooperative
Krautreporter
Krautreporter is a German magazine covering politics, the economy, psychology and climate, focused on explaining the background to the news. Part of its reporting answers questions submitted by readers.
Visit website ↗
Interviewed
Sebastian Esser, Co-founder
Turnover and result latest closed year
Turnover
~€1M
P&L
+€10,000
Result equals 1.0% of turnover
Revenue mix
99%
99% Audience
1% Institutional
Headcount 10–20
Capital in, revenue out log scale
€10k €100k €1M €10M
€1–1.5M
~€1M
● launched with● turnover today×0.8 on launch capital
Time to break even <1 year
Profitable within the first year · axis in years
Cooperative member ownership 91–99%
Members’ cooperative Founders
0% 50% 100%
From the report
■ €1–1.5 million in pre-sold memberships
■ Has operated within 5% of break-even for its entire existence; 2024 net result: minus €1,720 on more than €1 million
■ Launched open with members-only commenting, introduced a paywall in year two
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
France · Paris · Founded 2008 For-profit
Mediapart
Mediapart is a French news site focused on investigative reporting into politics and business. It publishes in French, with some coverage in English and Spanish.
Visit website ↗
Interviewed
Cécile Sourd, Managing Director
Turnover and result latest closed year
Turnover
€28.11M
P&L
+€4.42M
Result equals 15.7% of turnover
Headcount 126–200
Capital in, revenue out log scale
€10k €100k €1M €10M
€2.9M
€28.11M
● launched with● turnover today×9.7 on launch capital
Time to break even 3 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds 48%
Investors Founders & newsroom
0% 50% 100%
In 2019 the company bought out every investor; it now sits in a holding whose statutes forbid it ever being sold.
From the report
■ €2.9 million in founding equity, some personally borrowed; an emergency round saved it
■ By far the biggest in the cohort: €4.4 million net on €28.1 million turnover in 2025, a margin around 16% for over a decade, and still growing, adding €3 million of revenue that year
■ In 2019 it bought out every investor at a €16.3 million valuation (early backers made 3–5×) and moved the whole company into a holding structure modeled on The Guardian’s Scott Trust, whose statutes forbid the stake ever being sold
■ Profits flow up to that holding as reserves to safeguard the outlet’s future, and a smaller part funds its own press-freedom foundation, which helps other outlets launch without seeking any return: around €100,000 a year, with €600,000 to be distributed in 2026
■ Now keeps 12–24 months of cash. Its GM Cécile Sourd: “We have the same mentality as Eastern Europe, getting ready for hard times if the far right comes to government”
■ Priced at €9 in 2008, €11 in 2018, €12 in 2023
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
United Kingdom · Manchester · Founded 2020 For-profit
Mill Media
Mill Media is a British publisher of local newsletters covering seven English cities, including Manchester, Liverpool, Sheffield and London. Each city has its own title and newsroom publishing long reported stories.
Visit website ↗
Interviewed
Joshi Herrmann, Founder and Editor
Turnover and result latest closed year
Turnover
€1.2M
P&L
Moderate loss
No exact figure reported
Revenue mix
~86.5%
~86.5% Audience
~10% Advertising
~3.5% Other
Headcount ~26
Capital in, revenue out log scale
€10k €100k €1M €10M
€0
€1.2M
● launched with● turnover todayLaunched with nothing; €1.2M turnover today
Time to break even ~7 years (projected)
Projected, not yet reached · axis in years
Equity to investors after formal fundraising rounds 11–20%
Investors Founders & newsroom
0% 50% 100%
From the report
■ The sample’s only clearly individual launch, from the founder’s own savings
■ Later raised £350,000 from twelve investors, including former New York Times chief Mark Thompson
■ Grew from one city to seven, with the older titles individually profitable
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Poland · Warsaw · Founded 2016 Nonprofit
OKO.press
OKO.press is a Polish site combining fact-checking with investigative reporting on politics, the rule of law, minorities and social rights. Its name plays on the Polish word for eye and on Ośrodek Kontroli Obywatelskiej, Centre for Civic Control.
Visit website ↗
Interviewed
Dominika Michalak, Head of Institutional Fundraising
Magdalena Chrzczonowicz, Editor-in-Chief
Turnover and result latest closed year
Turnover
~€2.03M
P&L
Break-even (±5%)
No exact figure reported
Revenue mix
~65%
~65% Audience
~35% Institutional
Headcount 42
Capital in, revenue out log scale
€10k €100k €1M €10M
<€10k
~€2.03M
● launched with● turnover todayAt least ×203 on launch capital
Equity to investors after formal fundraising rounds None
Investors Founders & newsroom
0% 50% 100%
No equity given to outside investors
From the report
■ Built in 2016 as a fallback, for fear that Poland’s independent press would be closed down or captured
■ No external capital since launch; collects Poland’s 1.5% tax designation
■ Ended a decade of open access in May 2026
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Romania · Bucharest · Founded 2017 Nonprofit
Recorder
Recorder is a Romanian investigative outlet covering corruption, public institutions, health and education. It publishes documentary video on YouTube alongside written reporting.
Visit website ↗
Interviewed
Mihai Voinea, Co-founder and Editor-in-Chief
Cristian Delcea, Business Manager
Turnover and result latest closed year
Turnover
€3.62M
P&L
+€2.06M
Result equals 56.9% of turnover
Revenue mix
77.2%
77.2% Audience
4.9% Advertising
13.6% Institutional
4.2% Other
Headcount 32
Capital in, revenue out log scale
€10k €100k €1M €10M
€50k
€3.62M
● launched with● turnover today×72.4 on launch capital
Time to break even <1 year
Profitable within the first year · axis in years
Paying audience
~50,000
of which ~35,000 via tax redirect and ~15,000 direct donors
From the report
■ Launched on a €50,000 loan
■ Roughly 35,000 Romanians redirected income tax: over €2 million last year
■ All but abandoned advertising for voluntary reader support; events are free on principle
■ Focused on the twenty long-form video investigations it wants to deliver each year
■ Surpluses are reinvested in journalism or moved into a resilience reserve, now large enough to fund about two years of operations, built “not knowing if it’s going to be an autocracy next year”
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Switzerland · Zurich · Founded 2018 For-profit
Republik
Republik is a Swiss German-language magazine covering politics, business, justice and culture through long-form reporting and investigation. It publishes a few articles a day, each also available as audio.
Visit website ↗
Interviewed
Katharina Hemmer, Managing Director
Turnover and result latest closed year
Turnover
€6.6M
P&L
+€457k
Result equals 6.9% of turnover
Headcount 36–75
Capital in, revenue out log scale
€10k €100k €1M €10M
€7–8M
€6.6M
● launched with● turnover today×0.9 on launch capital
Time to break even 2 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds <10%
Investors Founders & newsroom
0% 50% 100%
From the report
■ The largest war chest in the study: €7–8 million in pre-sold memberships, zero-interest loans and donations
■ Investment conditional on the crowd showing up first
■ The study’s clearest relapse: broke even in mid-2020 only after an emergency campaign lifted renewal rates from 61 to 75 percent, fell back into losses in 2022 on “ambitious” new projects at “increased financial risk”, and clawed its way back
■ One of the few ventures where the crowd became owners, combining equity crowdfunding with subordinated loans; some supporters deliberately waived both financial return and voting rights
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Croatia · Zagreb · Founded 2015 For-profit
Telegram
Telegram is a Croatian news site covering national politics, society and culture. It publishes daily news, investigations and long-form features, alongside lifestyle sections and books.
Visit website ↗
Interviewed
Miran Pavić, CEO
Turnover and result latest closed year
Turnover
€3.2M
P&L
~−€160k
Loss equals 5.0% of turnover
Revenue mix
~11%
~11% Audience
~78% Advertising
~11% Institutional
Reported as ranges rather than exact shares; shown as midpoints scaled to 100%, so read them as estimates.
Headcount 76–125
Capital in, revenue out log scale
€10k €100k €1M €10M
€750k–1M
€3.2M
● launched with● turnover today×3.7 on launch capital
Time to break even 10 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds 41–50%
Investors Founders & newsroom
0% 50% 100%
Paying audience
5,001–20,000
From the report
■ In 2015 two brothers bought the neglected company behind the legacy portal Net.hr (a legal entity, a domain and residual traffic) and launched a new brand on top of it
■ The only launch in the cohort built on senior bank debt, alongside the founders’ own money; it took a decade to break even while carrying it
■ First contact with Pluralis came via the contact form on its website; ten months of diligence later it took 40–50% in two tranches in 2023–24, which also brought the protection of being part-owned by an international fund
■ Roughly half of income from branded content; paywall on a fifth of content since 2021
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Ukraine · Kyiv · Founded 2021 For-profit
The Kyiv Independent
The Kyiv Independent is a Ukrainian English-language news site covering the war, national politics and society. It publishes reporting, investigations, video documentaries and newsletters.
Visit website ↗
Photo: Elena Kalinichenko
Interviewed
Zakhar Protsiuk, Chief Operating Officer
Turnover and result latest closed year
Turnover
€2–3M
P&L
Profitable (amount not reported)
No exact figure reported
Revenue mix
51–75%
51–75% Audience
1–5% Advertising
1–5% Institutional
1–10% E-commerce
1–10% Other
The chart draws the midpoint of each range, scaled to 100%.
Headcount 99
Capital in, revenue out log scale
€10k €100k €1M €10M
€0
€2–3M
● launched with● turnover todayLaunched with nothing; €2–3M turnover today
Time to break even <1 year
Profitable within the first year · axis in years
Equity to investors after formal fundraising rounds <10%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Launched by around twenty former Kyiv Post staffers almost immediately after their owner dismissed the newsroom, just before Russia’s full-scale invasion
■ Once the invasion began, English-language news from inside Ukraine became essential to the world, and almost 7,000 paying patrons signed up within weeks
■ Started on grants, enough to cover salaries for the first year, and has taken no external capital since launch
■ Migrated from Patreon to its own membership without closing the journalism
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Switzerland · Zurich · Founded 2016 For-profit
Tsüri
Tsüri is a Swiss local news site covering the city of Zurich, including local politics, housing, culture and city life. It also organizes events and community projects.
Visit website ↗
Interviewed
Simon Jacoby, Publisher and Founder
Turnover and result latest closed year
Turnover
€1.13M
P&L
+€41k
Result equals 3.6% of turnover
Revenue mix
~33%
~33% Audience
~40% Advertising
~17% Institutional
~10% Other
Headcount 13
Capital in, revenue out log scale
€10k €100k €1M €10M
€250–750k
€1.13M
● launched with● turnover today×2.3 on launch capital
Time to break even 6 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds 21–30%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Began as a volunteer project on a Facebook page and a homemade WordPress site, with no salaries and no legal entity, and turned into a real media business only when the workload could no longer be carried for free
■ Small but unusually deliberate about marketing: it takes a tenth of the budget, the high end of normal in the cohort
■ Now transplanting its model elsewhere in Switzerland: it helped launch WNTI, the Winterthur city magazine
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Italy · Milan · Founded 2020 For-profit
Will Media
Will Media is an Italian publisher covering geopolitics, economics, technology and climate, mainly through social platforms and podcasts. It also produces live events and documentaries, and is now part of the Chora & Will Media group.
Visit website ↗
Photo: Chora & Will Media
Interviewed
Francesco Zaffarano, Head of Product
Turnover and result latest closed year
Turnover
€12.04M
P&L
+€1.02M (EBITDA)
EBITDA equals 8.5% of turnover
Revenue mix
~11%
~11% Audience
~78% Advertising
~11% Institutional
Reported as ranges rather than exact shares; shown as midpoints scaled to 100%, so read them as estimates.
Headcount 126–200
Capital in, revenue out log scale
€10k €100k €1M €10M
€1.2M
€12.04M
● launched with● turnover today×10.0 on launch capital
Time to break even 5 years
Years from launch to first break-even · axis in years
From the report
■ Soon after launch, Will Media merged with Chora Media, an Italian podcast publisher with a similar profile founded the same year, to form Chora & Will Media
■ The only one in the cohort to turn events into a genuinely profitable arm: three big events a year (a podcast festival in Milan and two summits) paid for by tickets and sponsorship, plus many smaller ones built into commercial partnerships
■ Sister production companies in the same holding turn its journalism into intellectual property for cinema, television and live shows
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
Denmark · Copenhagen · Founded 2016 For-profit
Zetland
Zetland is a Danish news site covering politics, science, culture and social change through explanatory long-form journalism. Every article is published in both text and audio, and it also publishes a Finnish edition.
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Interviewed
Tav Klitgaard, Director
Turnover and result latest closed year
Turnover
€8.29M
P&L
+€2.79M
Result equals 33.7% of turnover
Revenue mix
65.9%
65.9% Audience
17.5% Institutional
16.5% Other
Headcount 76–125
Capital in, revenue out log scale
€10k €100k €1M €10M
>€3M
€8.29M
● launched with● turnover todayAt most ×2.8 on launch capital
Time to break even 4 years
Years from launch to first break-even · axis in years
Equity to investors after formal fundraising rounds 31–40%
Investors Founders & newsroom
0% 50% 100%
From the report
■ Its big break came via a general election: the founders tracked down a new party’s mystery donor and called to pitch doing for media what the party was doing for politics, only to hear “I was waiting for your call”
■ One of the very few with an annual IRR projected; its CEO says returns came in below promise, but still above the expectations of the investors
■ Joint ventures in Finland and Norway, with Germany already announced
~ approximate · as reported by the venture · ranges shown at midpoint
— not reported
