APN has entered a partnership with investment firm Pollenizer that will see the media owner take a 25% stake in digital start-up Friendorse.
The deals fits in with APN's broader plans to expand its digital offering and invest in companies adjacent to its core outdoor, publishing and radio assets.
Friendorse is an online business co-founded by Pollenizer which targets local community recommendations for services and businesses in a neighbourhood. APN will work to integrate Friendorse with the publications in its Australian Regional Media business.
APN chief development officer Matt Crockett said: "Part of APN's strategy for our regional publishing businesses is to provide more services and useful local information relating directly to those communities. The Friendorse model based around recommendations is a good fit with that strategy."
APN has already trialled the online business in three regional markets.
Later in the year, APN and Pollenizer plan to jointly fund a service which will help them identify new digital business models which will complement APN’s core businesses.
Crockett said: "Pollenizer has developed one of the most successful and lean rapid development processes in Australia. The partnership is an excellent opportunity as we look to accelerate innovation."
Follow @AdNews on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at davidblight@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.