Australia’s Seven Invests in Social Network

December 1, 2014 World Screen Top Stories

SYDNEY: Seven West Media is among the investors in the brand-new social network Nabo, founded by Adam Rigby, who is a co-founder of JumpOnIt and former CEO of LivingSocial.

Nabo is a free social media platform that enables individuals and community organizations to instantly and directly connect online with others in their suburb. It made its official launch today after having secured A$2.25 million in funding by investors, including Seven and Reinventure Group.

“Nabo is not just another online community but a community online that corresponds to the suburb you live in,” said Rigby. “It’s a safe environment because individuals connect with residents in their area only, via hyperlocal private websites. The benefits are enormous in terms of building better and healthier communities, reducing crime and connecting people.”

He added: “Nabo is modeled on the highly successful Nextdoor, founded in 2010 and attracting around $90 million in funding—effectively valuing the company at around $500 million before it has developed a revenue model.”

Simon Cant, co-founder of Reinventure Group, commented: “Nabo fits perfectly with our investment strategy—we’ve invested right from startup in a proven model led by a proven entrepreneur that’s a great fit with Westpac’s focus on supporting local communities. We are confident that the partnership between Nabo and Westpac will help build a significant new part of the digital landscape in Australia.”

Gary Thursby, the CFO of Westpac's Australian financial services division, said: "We are proud to be associated with Nabo, not only through the investment by the Reinventure Fund but also through the efforts of Westpac staff around Australia. Nabo’s plans to connect communities across the country is a great fit with our Westpac Local initiatives that are aimed to help Australians in their daily lives and support the areas in which they live. We look forward to working closely with Nabo now and into the future.”

Kurt Burnette, the chief revenue officer of Seven West Media, added: “Nabo reflects our strategy of investment in businesses where we can leverage the power of our assets to help them grow. We particularly liked Nabo as an investment opportunity as it is strategically aligned with our interests as an enabler in connecting audiences through both social and local media while also providing material benefits to communities. This partnership with Nabo, Reinventure, Westpac and Seven West Media is an exciting one, which we believe has a lot of potential.”