VIPC’s Virginia Venture Partners Invests in Magazine

Richmond, VA, May 17, 2022 (GLOBE NEWSWIRE) — Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in Magazine Jukebox, Inc. Norfolk, Va.-based Magazine Jukebox, Inc. is a digital magazine rack that offers touchless and up-to-date access to a wide variety of publications. Magazine Jukebox, Inc. will use this investment to continue the successful launch nationwide.

The pandemic especially sparked a huge shift to mobile apps and QR codes in place of hand-held items like magazines, newspapers and restaurant menus. Most waiting rooms, however, have yet to follow this trend and remain stocked with physical magazines and other reading materials. Not only is this practice somewhat outdated given the current technological capabilities and trends, there are limited options for physical magazines in waiting rooms.

The Magazine Jukebox, Inc. platform is available on remote devices and delivers a sustainable and ecological alternative to traditional magazine displays. With just a scan of a QR code, Magazine Jukebox, Inc. provides patients and visitors with a menu to access an initial offering of 26 publications, with 25 additional publications on the way. Users don’t need to download an app or fill out any forms to gain access.

“Magazines and waiting rooms go hand in hand, but it is time for a positive change. In today’s digital world, we need to adapt a popular waiting room pastime to modern technology. That’s what Magazine Jukebox, Inc. does,” says Scott Janney, CEO. “Our mission is to deliver a sustainable and ecological alternative to traditional, physical content distribution in professional waiting areas. Magazine Jukebox, Inc. provides a positive customer experience through a digital, touchless and environmentally friendly platform. We are truly thankful for the support of VIPC’s Virginia Venture Partners to help continue our expansion, so we can reach waiting rooms across the nation.”

Magazine Jukebox, Inc. combines an innovative blend of technologies that allows guests to access digital magazines during their visit, and up to 36 hours after. This provides guests an opportunity to finish their magazine at home. Once a session with the platform is over, Magazine Jukebox, Inc. offers readers the option of subscribing directly to the magazine they’re reading. Magazine Jukebox, Inc. not only helps users have easy access to enjoyable reads, but also helps the magazine companies by boosting readership, and providing valuable user engagement data and reader demographics.

“During the pandemic, publicly-handled objects like magazines in waiting rooms were no longer ideal,” says Tom Weithman, VIPC Chief Investment Officer and Managing Director of Virginia Venture Partners. “Once our world went virtual, Magazine Jukebox, Inc. went to work to develop an innovative solution that would be useful going forward. The platform already has approximately 200 locations launching, with several franchises finalizing this quarter. We are excited to contribute to their continued expansion in the business-to-business service industry.”

About Magazine Jukebox

Magazine Jukebox, Inc. is a low-cost, already popular, customer-focused amenity that business owners can easily subscribe to. The Magazine Jukebox, Inc. team can easily and quickly place a simple, customized QR code in any subscriber’s business, giving simple, affordable digital magazine access to an unlimited number of customers using their own devices. This is the future; gone are yesterday’s outmoded, wasteful, and unhygienic magazine racksFor more information, visit https://magazinejukebox.com/.

About Virginia Venture Partners

Virginia Venture Partners, formerly CIT GAP Funds, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $32.4 million in capital across more than 250 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.

About Virginia Innovation Partnership Corporation (VIPC)

Connecting innovators with opportunities. The nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.

Programs include: Virginia Venture Partners (VVP) | Virginia Founders Fund (VFF)  |Commonwealth Commercialization Fund (CCF) | Smart Communities | Unmanned Systems | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Twitter, LinkedIn, and Facebook.

• VIPC’s Virginia Venture Partners Invests in Magazine Jukebox, Inc. to Provide Digital Alternative to Traditional Magazine Displays
• Digital magazine distribution platform offers sustainable, touchless and location-based access to a wide range of magazines on users’ mobile devices