IOL CEO Viasen Soobramoney has announced that the digital publisher received over 3,000 applicants in its recruitment drive as part of its digital expansion, and said the company had secured an additional R220m in funding.
IOL has announced a major pivot in its growth strategy, securing a further $12 million (approximately R220 million) investment from international backers to focus exclusively on digital expansion.
The funding injection from European and American partners follows an overwhelming response to IOL's recent recruitment drive, which has brought in over 3,000 applications since opening last week. The exceptional calibre of talent vying for roles in editorial, data, audience growth, and product development directly enabled the publisher to attract the new foreign capital.
As a direct result of this digital momentum, IOL has made the strategic decision to pull out of its planned involvement with the upcoming daily print newspaper project, The National.
IOL has communicated the shift to its shareholders, who have indicated they will continue to pursue The National print publication entirely separate and independent of IOL.
