Philippine digital newsstand startup Freyo raises $213k from Globaltronics

Freyo, a Philippine startup company engaged in digital newsstand business, has raised up to $213,000 (P10 million) funding made by digital signage advertising firm Globaltronics Inc.

Globaltronics chairman William Guido said the funding is only an initial backing by the company to Freyo, adding that the company might invest more as other business partners come in.

Freyo’s business model is to serve as a newsstand app where people can access and consume contents of popular magazines anywhere, anytime via their PCs or mobile devices for free. The startup will earn from company advertisements.

“This is just initial support. We are helping [Freyo] as an investor and also as a marketing partner,” Guido said, in an interview with DEALSTREETASIA. “We’re helping them to promote Freyo digital mag, mostly through our LTE outdoor and indoor display, urging advertisers to advertise so we can monetize it.”

Also Read: PH startup TheKard raises $373k in funding, to expand MobKard app

Freyo chairman and CEO Jay Bernardo said although the startup was founded barely a year ago, its value has risen from P25 million to P55 million. The startup’s goal is to revolutionize the way people experience digital magazines and to democratize magazine by making contents available to everyone.

Bernardo said Freyo has gained support from different media entities and businessmen who believe in its business model. He led a formal media launch of Freyo last week in Makati City where he announced the app’s tie ups with over 800 magazines who are into fashion, travel, celebrities, food, weddings, sports, and cars.

Bernardo is an entrepreneurship professor who works closely with the Department of Education and the International Labor Organization in designing and institutionalizing entrepreneurship education for the high school level.

He was the founder of the LET’S GO (Leading Entrepreneurs Towards Sensing Global Opportunities) Foundation, a non-profit, non stock organization that aims to support small and medium scale entrepreneurs.

Also Read: Exclusive: Philippine edtech Ritmo closes second seed round led by Future Now Ventures

Guido said Globaltronics sees Freyor’s digital newsstand as a scalable business as increasing number of people consume media content online.

“Print magazine will still be there but I believe the digital magazine will get a bigger share of the market,” he said. “The ad rates maybe lower online but the volume is higher. It’s a volume numbers game. In print, your charge is high but the volume is small.”

Guido said Globaltronics intends to support more local startups. It invested in a Philippine-based startup last year, funding TheKard, the maker of the MobKard App which provides digital privilege card services or mobile card offerings for customers.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.