Newstag, a Swedish-based crowd-curated video news service, has secured $1.3 million of seed funding.
Newstag will bring together video news stories from content producers around the world, including AP and Reuters, as well as brands and NGOs. The ‘mobile-first’ service will enable users to create personalised video newscasts on their smartphones, tagging news, brands and NGOs to create relevant and customised feeds to consume and share with their peers through social networks.
Value will be created through advertising and revenues will be distributed within the system. Once they’ve reached a certain level, users can spend their income or choose to make a difference by allocating money to causes and research projects they find relevant.
“We are delighted to see our new investors recognising the huge potential that our news service offers,” says Henrik Eklund, Newstag CEO. “These funds will enable us to expand our global presence faster and it is an important step towards our vision to create the world’s most sustainable and relevant news source; a platform where we enable people to take a meaningful part in the global newsflow. By combining the crowd and the individual with our smart tagging system we can create a difference. The user will be the newsflow – you’re it!”