L'Indipendente

The Independent is a digital newspaper founded in 2021 with a clear goal: to build a publishing model structurally independent of advertising, public funding, and ties to political or economic entities . The thesis behind the project is simple but radical - the only way to ensure verified information free of conflicts of interest is to eliminate at the root any dependence on revenue sources outside the community of readers.

The project kicks off throughan initial equity crowdfunding campaign that raises over €70,000, nearly tripling the initial goal of €25,000 - the first concrete sign of real market demand and a community willing to directly fund independent journalism.

Since then, growth has been organic, steady and entirely self-funded. Revenues, generated exclusively from readers' subscriptions, have increased from €452,826 in 2023 to €861,273 in 2025,an overall increase of +91% in three years . Active subscribers reached 10,500 as of March 2026, with an annual retention of 87 percent, attesting to the strength of the relationship with the community and the perceived quality of the editorial product.

The website, the heart of the project, records more than 3 million monthly users and 34.6 million page views in 2025. The proprietary app, launched in 2023 and ad-free, has exceeded 105,000 downloads. The social community now has more than 620,000 followers, with a strong presence on Instagram, and fuels an organic acquisition stream with an average CAC of €7.65 per new subscriber.

Over the years, the model has evolved into a multichannel publishing ecosystem: the digital title is flanked by a book division - 6 titles published, over 24,000 copies sold - anda monthly print news and in-depth magazine, distributed through 11 annual issues with a circulation of 17,000 copies. Each new product has broadened the reachable readership base and generated additional revenues, reinvested entirely in the development of the facility.

With this crowdfunding campaign, L'Indipendente is aiming to raise between €250,000 and €500,000 to accelerate growth in six strategic areas: strengthening the editorial staff with new correspondents and correspondents; developing the new version of the app with premium features; national promotional campaigns with prominent testimonials; producing new video formats and podcasts; enhancing the distribution of print editorial products; restyling the website and updating the IT infrastructure.

On the already planned developments front: participation in the Turin Book Fair is confirmed for May 2026, while the first L'Indipendente Festival-with the patronage of an Italian municipality-is scheduled for spring 2027, the first step toward positioning itself as a point of reference for independent information also outside digital.

The long-term goal is to consolidate a dominant position in the independent digital news segment in Italy, expanding the subscriber base to 14,500-21,000 by 2028 and bringing recurring revenues over €1.9 million-while keeping intact the editorial independence that is, at the same time, the founding value of the project and the main driver of its growth.

The L'Indipendente campaign is being conducted through a capital increase involving both L'Indipendente S.r.l. (the "Target" company) and a newly established vehicle called Indi S.r.l. [SPV] (the "Vehicle" or "SPV" company ). More information in the round section.

The Independent reserves the right of "liquidation preference" for all investors who join the campaign. Investors will therefore be reimbursed first in the event of an exit than the company's other shareholders (according to the order of preference stated in the bylaws). All conditions are published in the bylaws found in the Documents section.

This is a marketing communication. Equity crowdfunding investments are high-risk and could result in total or partial loss of invested capital. Please read the sheet containing key investment information before joining.