An investment mechanism where a media group or fund exchanges advertising space for a share of a startup's capital.
Rather than paying for campaigns in cash, the startup gives up a minority stake (typically 5 to 15%) in exchange for media volume — most often TV. Born in Scandinavia and popularized in Germany, the model is practiced in France by TF1 (via Raise M4E), M6 and specialized funds.
It funds national awareness without touching the runway, with an investor structurally interested in the campaign's success. The key watchpoint: media valuation (rate card vs real net).
"Our startup studio practices media for equity directly. And for deals offered by others, we audit the valuation of the contributed space — the gross/net gap can represent several points of equity."
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