The Virginia Innovation Partnership Corp.’s equity investment arm has invested $25,000 into a Norfolk company that offers a “digital magazine rack” where people can access periodicals through their smartphones in commercial spaces. The investment is part of a larger $750,000 seed round for Magazine Jukebox.
The company’s digital rack is a service provided via QR codes that lead to around a dozen titles to read or browse. The codes are typically displayed on a table tent, sticker or sign on a hotel nightstand or in lobbies, waiting rooms, gyms or poolside lounges.
Janney said the seed round will help him scale his business, specifically hiring more staff to beef up Magazine Jukebox’s organizational growth, customer service and marketing, including television advertising.
“We’ve raised what we needed and now we’re going to go into a bridge round of $1 million to raise the capital that we need to truly scale this company,” said Magazine Jukebox co-founder and CEO Scott T.…
Read the full story from the Washington Business Journal.
