Archant Digital Ventures has increased its investment in local social network site, streetlife.com, along with other shareholders and new investors.
Streetlife.com has secured £600,000 investment, with a mandate to raise a further £3 million before the end of 2013 with the funding coming from existing shareholders including Archant Digital Ventures, and new international financial investors Shohet & Cie S.A.
The local social network provides a platform for people to connect and share with their neighbours and to foster stronger communities. The funding will be used to launch the service in new areas of the UK, introducing the brand on a county-by-county basis using a tried and tested model to drive user numbers and build thriving online communities.
Approaching 100,000 users, in more than 500 communities, currently use the site to share recommendations, organise social groups and discuss public services, with 81% of users reporting that they feel more connected to their local community since joining streetlife.com.
MD of Archant Digital Ventures, Archant’s digital incubator arm, Serge Taborin, said: “Local media has played a key role in informing and engaging communities for decades. Digital platforms have opened up new opportunities to extend those relationships beyond editorial content, and Archant’s investment in streetlife.com is a prime example of that strategy.
“We are delighted with the extraordinary rise of the platform, which now provides a rich source of highly relevant local stories for our journalists, and we strongly believe that this latest round of investment will enable streetlife.com to accelerate its growth nationally.”
Matt Boyes, Founder and CEO of streetlife.com, says: “Social networking has a key role to play in bringing local people together to talk about the issues they care about and make a positive difference where they live. We’ve shown that online interaction can facilitate real-world meetings, encourage people to become more involved locally, and enhance their sense of belonging. It’s a very exciting time for streetlife.com; this funding will enable us to bring the benefits of local social networking to new communities across the nation.”
The success and rapid growth of the local social network has attracted a number of prominent financial backers including Paul Ettinger, one of the founding team behind Caffè Nero, Steve Pankhurst, founder of Friends Reunited, and Gi Fernando and Ankur Shah, co-founders of Techlightenment.
© Archant Ltd 2013