Ag Digital Media (Freeda) raises the white flag

It was born in 2016 with the ambition of making its way as a media company aimed at the female universe and the new generations. After less than ten years, however, Ag Digital Media, the Milanese scale-up active on social media with the Freeda platform, is raising the white flag. As verified by Il Sole 24 Ore, the company filed for voluntary liquidation on Monday.

Behind the decision is a path that has gone through ups (in the first part of its life) and downs (after 2020) in a sector, that of digital advertising, which is grappling with a structural change in investments and in which the big techs have been dictating the law for some time now. This initiative - whose founders are Gianluigi Casole and president Andrea Scotti Calderini - has met with the favour of entrepreneurs and investors who have taken a gamble. The shareholders' book is of a certain weight. The most important shareholder of Ag Digital Media is the French venture capital fund Fpci Alven Capital V, with a total of 32.28%. The two founders hold around 12.4% each, followed by Ginevra Elkann (7.21%). The shareholders also include the Rovati brothers' Fidim, as well as Remo Ruffini's Our Group, owner of Moncler, and Luigi Berlusconi with a small share (0.4%).

The name - a play on 'freedom' and Frida Kahlo - already said it all: female freedom, authentic representation, curated aesthetics and editorial content designed for scrolling. The ambition translated into investments of over 20 million raised from funds such as Alven Capital and Endeavor Catalyst, presence in three countries (Italy, Spain, UK), 250 employees at peak operation. But then came Covid. And with 2020 in Ag Digital Media one begins to realise that perhaps the effort in Spain and the UK was greater than the possibilities.

Hence the idea to go beyond digital advertising. Thus the Marketing digital services branch was born. The most profitable business unit, Freeda Platform, generated over 20 million in revenue in just three years, alongside around 6 million in digital advertising. But then, in 2024, the decisive blow: the loss of two or three strategic contracts eroded 30 per cent of turnover, compromising the financial balance of the entire group. Hence the attempt - never really crowned - to sell the media branch. The negotiations then extended to the technology platform. The situation deteriorated rapidly. In early 2025, the negotiated crisis settlement procedure was initiated. But time was not enough.