Fairfax Media has taken a 25% stake in hyperlocal social network Nabo, joining existing shareholders including Seven West Media.
The network is effectively a digital community noticeboard, letting residents, local organisations, and councils connect with each other. Since its launch in November last year, Nabo has attracted partnerships with community-based groups such as Crimestoppers NSW.
Nabo has attracted several big investors since launch with Seven West Media and Westpac-backed venture capital firm Reinventure Group investing.
Fairfax Media managing director of Australian Publishing Media, Allen Williams, called it a “compelling investment for Fairfax”.
“Nabo is a social network connecting people to their neighbours and broader community in a safe and friendly way,” Williams said.
“The digital business strongly aligns with Fairfax’s long history of connecting communities via hundreds of newspapers and websites across rural, regional and metropolitan areas.”
Fairfax Media New Zealand bought a stake in a Kiwi-founded neighbourhood website, Neighbourly, in December last year in a bid to boost its offering to and relevance in communities across New Zealand.
Williams said the website has achieved “tremendous growth” in leveraging Fairfax's large-scale audiences.
“We believe Nabo has similar potential in the Australian market and we look forward to working closely with the team to strengthen its offering and achieve its full potential,” he said.
Nabo founder and CEO Adam Rigby said Nabo has grown membership 720% since January this year and operates in more than 5800 suburbs in Australia.
“It’s a very exciting time for Nabo as we welcome Fairfax Media on-board as a shareholder,” Rigby said.
“With a long established and very well regarded media presence in Australia across online, print and radio, Fairfax are a great fit for Nabo as we continue national growth over the months ahead.”
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