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Lot Carlier, Executive Director at V-Ventures, the investment arm of the Netherlands-based Veronica Foundation, emphasises the critical importance of fostering financial independence for media outlets to maintain editorial freedom. V-Ventures supports investigative journalism, engages younger audiences, and backs regional media. Their strategy is twofold: providing funding and practical consultancy to help media companies strengthen their business model and establish sustainable revenue streams, and invest in companies that create technology, tools and channels for these media companies.

Why is it important for the Veronica Foundation to fund journalism, and what led to the establishment of V-Ventures?

Carlier: We created V-Ventures as our investment arm to focus on strategic investments, while keeping donations under the Foundation’s purview. Although part of the same organisation, V-Ventures specialises in the investment side of supporting journalism. Our roots lie in media—we were once a rebellious media company broadcasting from a ship in extraterritorial waters when we weren’t allowed to broadcast in the Netherlands. This unconventional start has defined our innovative approach and commitment to independent journalism.

Over recent years, we’ve witnessed a decline in media independence across Europe, marked by increased concentration and political influence over media outlets. Supporting innovative, independent voices, especially in regions where media freedom is under pressure, is more important than ever. We have been dedicated to supporting independent media since selling off our own media assets, and we have recently broadened our focus to also include smaller and mid-sized independent media companies that ensure pluriformity of the press and innovation in the sector.

What is V-Ventures’ approach to supporting media companies?

We have a dual approach. First, we support media companies on the business side to help them become less reliant on grants and donations and develop new revenue streams tailored to their specific markets. This support is essential because donor dependency can lead to a shift in focus away from building a strong audience and sustainable revenue generation. We support these companies to establish revenue models that fit their context, whether through syndication, subscriptions, or other methods.

Second, we also invest in media tech companies that support content creators, such as those developing innovative tools to enhance efficiency. Additionally, we have initiatives like SV-Docs, a documentary fund to support journalistic storytelling. This holistic approach allows us to create a blended return on our investments while fostering growth across the media ecosystem.

In which regions does V-Ventures focus its investments?

Our focus is on Europe, and we target three main topics. First, we support news and investigative journalism in countries where media freedom is at risk or where there’s a significant concentration of media ownership, which reduces pluralism. Second, we focus on media companies that are engaging younger generations (Gen XYZ) who are not as connected to traditional media; reaching them with independent news is crucial. Third, we prioritise regional and local journalism as trust in national media declines. We are exploring sustainable business models for all media to replicate. Additionally, as already mentioned, we invest in tools that make the sector more efficient and effective and in channels, like podcast companies. Lastly, we invest in funds to broaden our reach, such as Mercuri and NBM.  

Do you provide only capital, or do you also offer guidance or training?

For media companies, we offer more than just capital. We often provide a three-day consultancy programme where we work closely with the entire team to identify the best ways to generate revenue. We may fund specific business roles, like a publisher, for one or two years to help build the business side until it becomes self-sustaining. This approach is different for media tech companies, which operate with their own market strategies.

What is the most important lesson you’ve learned through investing in media companies?

The most critical lesson is that financial independence is key to maintaining editorial independence in the longer term. Media companies must generate revenue beyond donor support to remain free from external influences. In the early start-up phase, donor funding may be necessary to build an audience and establish a critical mass of content. However, as the organisation matures, it must develop diversified revenue streams to become truly financially independent.

What challenges have you faced in funding journalism in Europe?

One major challenge is that many smaller independent media organisations haven’t developed a business strategy yet. Journalists often focus on creating impactful content driven by their convictions, and shifting attention to revenue generation can be challenging. This is where editors sometimes step in to handle subscriptions or other business tasks, but it’s tough to balance this with their focus on high-quality journalism. Dedicated staff to take care of the  business side allows journalists to focus on what they do best—creating valuable content.

What has been your biggest success story so far?

While we’ve completed successful exits on the business side, our blended investment approach combining business and content-focused support is still relatively new. We have seen promising indications of a solid blended return over the past five years, although it’s too early to present final financial results. We aim to demonstrate this model’s viability to other impact investors in the coming years by showing that media investment yields reasonable returns while having a huge impact on democracies.

Do you have advice for organisations considering funding journalism for the first time?

It’s crucial to raise more awareness about the need for support in this sector. The current state of media in Europe, and globally, is challenging, and more help is needed to preserve independent voices. Impact investors can create immense change. The message should be clear: funding journalism isn’t just valuable—it’s essential for sustaining democracy and informed societies.