Project R raises 3.5 million francs - but still needs more money
According to their own statements, the organizers of the planned journalism platform Project R have already secured 3.5 million Swiss francs in investor funding and donations. However, a significant amount is still needed to bring the project to fruition.
As Project R announced on Wednesday, those responsible still need 750,000 francs from at least 3,000 potential readers. The starting capital therefore amounts to 4.25 million francs. The investors and donors who have already pledged money only have to pay as soon as those responsible have fulfilled their part.
In order to raise the 750,000 francs, they are launching a fundraising campaign at the end of April, which should last around five weeks. If the money is not raised, the project will be buried, according to the press release. If the money is raised, the editorial office will then be built.
Self-sustaining after five years
Those responsible are giving the digital magazine five years to become self-supporting. During this time, seven million francs are expected to be spent. Project R will be organized as a cooperative in which readers will hold just over 40 percent of the shares. The employees will control just under 40 percent and the investors around 20 percent of the share capital. The aim is to ensure that no interest group can take over power alone.
In addition to Constantin Seibt and Christof Moser, Project R's eight-strong management team includes PR consultant Susanne Sugimoto as Managing Director and photographer Laurent Burst as Strategy Manager. Until further notice, three rooms in the "Hotel Rothaus", a former hotel by the hour on Zurich's Langstrasse, will serve as editorial offices. Project R wants to pursue a new business model that is independent of media groups. (SDA)
