The fund was set up by eBay Founder Pierre Omidyar and his wife Pamela to help businesses do social good
Omidyar Network is a fund started by eBay Founder Pierre Omidyar and his wife Pamela. Pierre Omidyar is also the CEO and publisher of Honolulu Civil Beat, a Hawaii-based local news outlet.
The fund invests in for-profit and nonprofit organisations that are committed to advancing social good in this world. According to its website, it invests in five sectors: Consumer Internet and mobile; education; financial inclusion; government transparency and property rights.
Rappler said it will be using the funds to further expand its reach in Southeast Asia and beyond, improve its community mapping feature Reach and launch new projects. Among those are its blogging platform X, election app PHVote and new e-commerce initiative Rappler Store.
Founded by CEO Maria Ressa, the Manila-based media organisation has since expanded to Indonesia.
“Rappler is breaking new ground in covering news and developing a reader engagement model that is pioneering and meaningful,” said C.V. Madhukar, Investment Partner, Omidyar Network.
In a statement, Manny Ayala, Chairman of Rappler’s board, said, “The Omidyar Network’s focus on governance and citizen engagement is a particularly strong fit with Rappler. We are confident that such experienced partners will help us in our quest to create an ‘inclusive media’ platform that blends professional journalism, technology and the wisdom of the crowd.”
This latest injection of funds follows an undisclosed investment from US-based North Base Media. The invested firm was founded by high-profile journalists Marcus Brauchli, Sasa Vucinic and Stuart Karle, who have served many years at various international publications.
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