BERLIN (AP) — A team of experienced journalists is launching a new online magazine in Switzerland after reportedly collecting more than 7.7 million Swiss francs ($8 million) with the help of a crowdfunding campaign.

The German-language magazine, called Republik , is intended to provide high-quality, ad-free journalism to paying members.

Over 15,700 people paid at least 240 francs for an annual subscription within weeks of the project's announcement in April. Private investors contributed another 3.5 million francs.

Switzerland has a diverse media landscape, but several publications have closed or downsized in recent years amid dwindling sales and pressure from free online platforms.

Republik, which launched Sunday, is partly modeled on the Dutch site De Correspondent , an ad-free online publication supported by 60,000 members.