The Correspondent, a new online media platform for unbreaking news, successfully reached its membership crowdfunding goal of $2.5 million in 29 days. The funding will enable The Correspondent to build a newsroom of full-time correspondents, editors, developers, designers, operations, and back-office staff in anticipation of the launch of the platform by mid-2019. Nearly 43,000 founding members from more than 130 countries were part of the initial crowdfunding investors.
Why it Matters:
The funding will allow The Correspondent to embark on its mission to change what news is about, how it’s made, and how it’s funded. The massive success of crowdfunding membership in such a venture also bodes well for the future of this type of journalism. The organization set a goal to raise $2.5 million in one month; just 23 days into that month, it broke the world record for number of backers in a journalism crowdfunding campaign, reaching 18,934 investors.