Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF), a venture capital company investing in early-stage technology and cannabis companies, said Tuesday that its wholly-owned subsidiary Pressland had struck a partnership with Showcase, a new digital platform that helps brands, celebrities, artists, creators and producers connect more meaningfully with their communities.
In a statement, the company also revealed that it was undertaking a $1 million financing.
Meanwhile, Brooklyn-based Pressland will work with Showcase to build audience engagement tools for news organizations, independent media and freelance journalists.
READ: Codebase Ventures' Pressland subsidiary kicks off initiative to fight fake news, misinformation online
"Pressland's technology will fight fake news and misinformation, and this will help rebuild the public's trust in media," said Jeff Koyen, founder CEO of Pressland.
"At the same time, everyone in the news business, whether they're a global brand or an individual reporter, must actively re-engage with their audiences. Showcase will help them do this more deeply and effectively," he added.
Koyen, who also serves as Codebase's chief strategy officer, is an award-winning journalist and veteran media executive. He has worked for Dow Jones, Wired, The New York Times, Crain’s New York and many other news organizations.
Fighting fake news
Pressland has now indexed and analyzed over 10 million articles, 2 million keywords and 200,000 writers, according to Codebase. Pressland's platform uses proprietary software which, with machine learning, artificial intelligence and natural language, collects and analyzes the news media’s production data.
When commercial services debut in 2020, this data will be offered as a SaaS (Software as a Service) product to social networks, search engines and news distributors in a bid to fight fake news and misinformation.
The company said Pressland-affiliated publishers, newsrooms and journalists will be offered value-adds that include preferential access to Showcase's unique audience engagement tools.
Driving community engagement
Showcase invites brands, celebrities, influencers and other content creators to create unique "badges" that drive community engagement; every project must feature a social-good component. Fans can collect and trade these badges on the Showcase platform. These badges are built on the ERC-721 protocol, a Solidity-based standard for creating collectible tokens.
Similar tokens have been used extensively in the gaming industry to create in-game collectibles. Showcase is the first platform of its kind to use this technology specifically for brands, celebrities and other creators.
"Driving engagement through social good is one of Showcase's founding mandates," said Reed Korach, the co-founder and CEO of Showcase.
"Considering Pressland's mission to restore public trust in media, this partnership was an easy fit. We look forward to exchanging resources, expertise and insights that will benefit our companies as well as our communities," he added.
Pooling media and technology talent
The partnership includes a talent exchange with Koyen joining Showcase's advisory board as their news media expert and Korach already sits on Pressland's advisory board as a blockchain architect.
Pressland's partners include the Independent Media Institute; online writing community Study Hall; ethical tech pioneers All Tech Is Human, and geolocative photo-sharing app, Membit.
Meanwhile, Codebase Ventures also announced it is undertaking a non-brokered private placement of up to $1 million. The company will issue up to 47.6 million units at a price of $0.021 per unit. Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one additional common share at $0.05 for a period of two years from the date of closing. Proceeds will be used for working capital and to fund future investments.
Codebase said the company will pay qualified finders fees consisting of 8% in cash and 8% in brokers warrants.
Codebase Ventures, which consists of a small, hands-on team of financial and technology experts, invests in emerging technologies. It makes strategic investments in ambitious founders who aim to upend large markets.
Contact the author Uttara Choudhury at [email protected]
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