Seven West and Westpac team up for social network

By AdNews | 28 November 2014

Seven West Media and Westpac have thrown $2.25 million into Nabo, a start-up hyperlocal social networking site targeting one million Australian users by the end of 2015.

Seven West confirmed to AdNews this morning that it was part of the investment into the hyperlocal site, which is being modelled on the Nextdoor social network in the US.

The Nextdoor network has been likened to a community notice board for the digital age, with a focus on local sports and classifieds, and is reportedly being used by about 50 million people in the US.

The investment opportunity was spotted by Westpac's venture capital fund, Reinventure Group, with the fund's co-founders, Simon Cant and Danny Gilligan, recognising the potential for Nextdoor in Australia and working on a local version.

The social networking site could give Seven West Media a look into the hyperlocal market, but at this stage it is thought that the commercial model for Nabo will not include push advertising.

The site's terms of use indicate that it will not provide “personally identifiable information” to third party marketers, but adds that the terms of service can change at any time.

There is the potential, however, for other advertising opportunities, which have yet to be determined.

For Westpac too the commercial opportunities have yet to be fully fleshed out, but it could include linking local business customers with residents in a particular suburb.

The new Nabo site is live, but will officially launch on Monday.

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