paper trail media

What paper trail media does

Paper trail media is a Munich-based, founder-owned investigative journalism newsroom operating as paper trail media GmbH. The company is co-directed by Pulitzer Prize–winning journalists Frederik Obermaier and Bastian Obermayer and produces internationally impactful cross-border investigations across print, online, podcasts, and video formats. Its investigations are distributed through exclusive German media partnerships with Der Spiegel (print/online) and public broadcaster ZDF (TV, including the weekly investigative magazine ZDF frontal), alongside regional partners Der Standard in Austria and Tamedia in Switzerland, with simultaneous global distribution through international investigative consortia including ICIJ, OCCRP, and Forbidden Stories. The firm's outputs span collaborative projects (Panama Papers, Paradise Papers, Suisse Secrets, Vulkan Files, Xinjiang Police Files, Gaza Project), authored non-fiction books (The Panama Papers, The Ibiza Affair, Suisse Secrets, Hunting the Chinese Phantom), podcasts (notably "Putin's Cyber-War" as a SPIEGEL Original), and TV investigations broadcast through ZDF frontal.

Technically, the newsroom relies on Open Source Intelligence tooling provided by Maltego Technologies, supplemented by custom scripts, scrapers, and database queries used by investigative reporters — particularly in cybersecurity and financial-crimes domains — for data-led investigations. Whistleblower intake is handled via Der Spiegel's SecureDrop (with an in-house instance in progress) and encrypted communication channels including Signal, Threema, and PGP. Source-protection support is also extended through The Signals Network, a 501(c)(3) nonprofit providing legal, psychological, physical-security, and online-safety assistance to whistleblowers.

Revenue is generated primarily through content licensing arrangements with media partners — essentially B2B syndication of investigations to Der Spiegel, ZDF, Der Standard, and Tamedia — supplemented by donation referrals routed to partner investigative organizations including ICIJ, Forbidden Stories, OCCRP, The Signals Network, The Examination, and Distributed Denial of Secrets. The firm is privately held by its co-founders with no disclosed external institutional investors, private-equity involvement, or funding rounds in the source material. Customer segmentation is horizontal: primary partners are media organizations (enterprise), with secondary personas comprising whistleblowers/sources (for SecureDrop intake) and general readers (for downstream subscriptions to partners).

Name

paper trail media

Legal name

paper trail media GmbH

Website

https://papertrailmedia.de

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Paper trail media is a Munich-based, founder-owned investigative newsroom of around 15 journalists producing cross-border impact investigations distributed via exclusive partnerships with Der Spiegel, ZDF, Der Standard, and Tamedia, and through ICIJ, OCCRP, and Forbidden Stories consortia.

Ownership category

akta.pro rank

Product category

Investigative Journalism Services

NAICS

All Other Publishers (513199)

SIC

Miscellaneous Publishing (2741)

akta.pro primary industry

Investigative & Nonprofit News Organizations (MPAJADAF)

akta.pro secondary industries

News Magazine & Investigative Journalism Channels (MPABAIAG), Alternative/Independent Newsweeklies & Opinion Press (MPAJADAH)

Keywords

• Investigative journalism
• Collaborative journalism
• Cross-border reporting
• Open source intelligence
• Accountability reporting

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Media partnerships and content licensing: Collaborations with premier media outlets in Germany, Austria and Switzerland including Der Spiegel, Der Standard, and Tamedia. Investigations are published through partner publications and broadcast through ZDF, generating revenue through content licensing arrangements.
2. Donations and supporter funding: The company accepts donations to support international journalism collaborations. The support page directs readers to donate to partner organizations including ICIJ, Forbidden Stories, Anti-Corruption Data Collective, OCCRP, The Signals Network, The Examination, and Distributed Denial of Secrets.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Paper Trail Media is an investigative journalism newsroom that produces cross-border, data-driven investigations for distribution through German and European media outlets such as Der Spiegel, ZDF, Der Standard, and Tamedia, as well as international investigative networks including ICIJ, OCCRP, and Forbidden Stories. Output spans print, online, podcast, and video formats, supported by OSINT capabilities and a secure-drop channel for confidential source submissions.

Product overview

paper trail media is a collaborative investigative newsroom comprising award-winning journalists who produce investigative journalism across multiple formats: print, online, podcasts, and video. Their core products include Investigations (major collaborative projects like the Panama Papers, Vulkan Files, Gaza Project), Books documenting their findings, Podcasts such as 'Putin's Cyber-War', and TV Investigations broadcast through partner ZDF. A key support feature is their Secure Drop and source protection infrastructure using encrypted communication tools. Their investigations are distributed through major media partners including Der Spiegel, ZDF, Der Standard, and Tamedia.

Differentiator

Problem solved

Functional benefit

Products and services

• Investigative journalism investigations Cross-border, data-driven investigative reporting produced for licensed publication and broadcast by partner media outlets such as Der Spiegel, ZDF, Der Standard, Tamedia, and international networks including ICIJ, OCCRP, and Forbidden Stories.
• Book: 'Unsterblich' (about Panama Papers investigators) Long-form book authored by the firm's journalists focusing on the individuals behind the Panama Papers investigation.
• Investigative podcasts Audio-format investigative storytelling produced by the newsroom and distributed through partner outlets and direct channels.
• TV investigations Television-format investigative content produced for broadcast by partner broadcasters such as ZDF.

Quantifiable outcome

• Over $2 billion recouped due to investigations like Panama Papers and Paradise Papers
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered core and minor.

• Der SpiegelcoreStrategic or Co-development PartnerExclusive German partnership with Der Spiegel magazine for publishing investigative journalism content. Der Spiegel is the company's primary German media partner for print and online investigations.
• ZDFcoreStrategic or Co-development PartnerExclusive partnership with German public broadcaster ZDF for TV investigations. The weekly investigative magazine ZDF frontal features paper trail media investigations.
• Der StandardcoreStrategic or Co-development PartnerPartnership with Austrian newspaper Der Standard for publishing investigative content in Austria.
• TamediacoreStrategic or Co-development PartnerPartnership with Swiss Tamedia media group for publishing investigative journalism in Switzerland.
• International Consortium of Investigative Journalists (ICIJ)coreStrategic or Co-development PartnerCollaboration with ICIJ on major investigations including Panama Papers, Paradise Papers, Cyprus Confidential, and China Targets. ICIJ provides platforms for data analysis and sharing of findings.
• Forbidden StoriescoreStrategic or Co-development PartnerStrategic partnership with Forbidden Stories network. Bastian Obermayer serves on the board. Collaborated on Gaza Project, Pegasus Project, Storykillers, and other major investigations.
• Organized Crime and Corruption Reporting Project (OCCRP)coreStrategic or Co-development PartnerCollaboration with OCCRP on investigations including Suisse Secrets, Rotenberg Files, and other investigations. OCCRP provides platforms for data analysis and sharing findings.
• The ExaminationminorStrategic or Co-development PartnerPartnership with The Examination on investigations including World of Pain and China Tobacco.
• Anti-Corruption Data CollectiveminorStrategic or Co-development PartnerCo-founded by Frederik Obermaier, this collective supports data-driven investigative journalism on corruption.
• The Signals NetworkminorStrategic or Co-development Partner501(c)(3) nonprofit that provides holistic support to whistleblowers including legal assistance, psychological support, physical security measures, and online safety protection.
• Arab Reporters for Investigative Journalism (ARIJ)minorStrategic or Co-development PartnerFrederik Obermayer serves on the board of ARIJ. Collaboration on investigations including Gaza Project.
• Lighthouse ReportsminorStrategic or Co-development PartnerCollaboration on Surveillance Secrets investigation.
• SkyminorStrategic or Co-development PartnerThe Ibiza Affair book was adapted into a fiction TV mini series 'Die Ibiza Affäre' by Sky.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bellingcat: The Netherlands-based OSINT investigative journalism collective operating across borders with a similar newsroom model and digital-first distribution. Highly comparable in investigative methodology, though Bellingcat is a registered foundation and focuses more on open-source techniques.
• Investigate Europe: Cross-border European investigative journalism team co-founded by paper trail media's Senior Investigative Editor Elisa Simantke. Closely overlapping editorial DNA, network, and DACH/EU distribution approach.
• The Bureau of Investigative Journalism: UK-based non-profit investigative newsroom producing accountability reporting on topics like corruption, arms, and the environment. Comparable funding model (grants/donations) and partner-publication distribution approach.
• Forbidden Stories: Paris-based consortium that continues the work of murdered or threatened journalists. Paper trail media co-founder sits on its board, and the two co-publish projects like the Gaza Project and Pegasus Project.
• ICIJ (International Consortium of Investigative Journalists): Global network coordinating cross-border investigations including the Panama Papers, Paradise Papers, and Cyprus Confidential. Functions as both collaborator and platform peer for distributing paper trail media's work internationally.
• Correctiv: German non-profit investigative newsroom producing cross-border investigations and training journalists. Closest direct German peer, with overlapping DACH distribution and similar collaborations with OCCRP and ICIJ.
• OCCRP (Organized Crime and Corruption Reporting Project): International network of investigative journalism outlets focused on organized crime and corruption. Joint investigations include Suisse Secrets, Rotenberg Files, and Cyprus Confidential, making OCCRP a tightly integrated network peer.
• Lighthouse Reports: Amsterdam-based cross-border investigative newsroom focused on Europe-wide accountability journalism. Direct peer on collaborative investigations (paper trail media co-published Surveillance Secrets with Lighthouse Reports).
• The Examination: International investigative newsroom covering public health and corporate accountability. Direct collaboration partner with paper trail media on investigations including World of Pain and China Tobacco.

Broad incumbents

• ProPublica: Larger US non-profit investigative newsroom with broader funding and a direct-to-reader donation model. Comparable investigative mission and impact orientation, but significantly larger scale and US-focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/paper_trail_m
• Instagraminstagram.com/paper.trail.media
• LinkedInlinkedin.com/company/paper-trail-media-gmbh

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about paper trail media