Rappler reported Omidyar Network has considered the company with its different strategies in covering news and how it engages with netizens or its audience online.
“Rappler is breaking new ground in covering news and developing a reader engagement model that is pioneering and meaningful,” said CV Madhukar, Omidyar Network investment partner, as quoted by Rappler.
Formed by former eBay founder Pierre Omidyar, who is also the CEO and publisher of Honolulu Civil Beat news service in Hawaii, the Omidyar Network uses five criteria for its investments, namely: alignment, impact, potential for scale, leadership and innovation.
“We are thrilled to have Omidyar Network as an investor, given its commitment to advancing social good through the use of technology,” said Manny Ayala, the Chairman of Rappler’s board. “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.”
Award-winning journalists and news managers Maria Ressa, Glenda Gloria, Chay Hofileña and Beth Frondoso, started Rappler in January 2012, the Philippines’ first all-digital news organization. It combines technology and crowdsourcing through the use of social media and mobile phones to merge traditional television broadcasting with the Internet, reinventing systems and distribution channels.
“Rappler is the first and only media startup in the Philippines to join broadcasting network giants ABS-CBN and GMA in offering Philippine Depository Receipts or PDRs to international investors. PDRs are financial instruments that foreign funds can buy into, allowing media and other Filipino firms that must keep foreign ownership at 40 per cent, to raise funds globally,” Rappler said in its report.