Axate, the flexible payment tool that aims to “fix a broken media market,” has secured 103% (or £360,799) of its £350,000 fundraising target via Crowdcube (at the time of writing) from 193 investors.
The Axate team explains that users may sign up once, “upload some money and pay to read per article or per day across any participating site, when and as they like.” Introduced by news industry professionals, the platform is currently live on 15 sites with more than 31,000 users.
Axate reports a £11,320,635 pre-money valuation, 3.09% equity, and a £0.52 share price. Some of the main business highlights shared by the Fintech firm are as follows:
- $42bn+ forecast global revenue for digital newspapers/mags sector in 2025
- Over 31,000 registered users and live on 15 publications
- Over £2m raised to date from private and media industry investors
- Core leadership team have many years of deep experience in publishing
As noted by Axate the team:
“Reading news shouldn’t be so hard. We’ve all experienced it: you want to read an article, but you have to subscribe or miss out. Axate aims to solve that problem with a pay-per-article and day-pass payment system for online newspapers and magazines. Users sign up and can then read across a wide network of participating sites, spending their money where they choose.”
“We’re live on 15 sites with over 31k registered users, with our network of publications expected to more-than double in the next few years. We’ve raised £2m+ in seed funding already and have been covered by industry leaders like Digiday, Reuters Institute of Journalism, Columbia Journalism Review and the World Economic Forum.”
The Axate team also mentioned that they’re currently raising to be ready “to launch with a large scale subscription publisher, add more features to our system and increase our presence in the USA and India.”
They also shared:
“Launched by former NewsCorp execs Dominic Young and Victoria Silberbauer, Axate has extensive industry contacts and has a plan to build a global network of paying customers and publishers. This plan will mean that as the network grows, more users can move between more sites, spending small amounts as they go, the whole market benefits.”
They added that the digital or online newspaper and magazine market is expected to generate more than $42 billion of international revenue by 2025. Axate has applications “throughout this market and in adjacent media sectors such as video and music,” the update noted.
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