Fairfax Media has acquired 100% per cent ownership of New Zealand-based website business Neighbourly.co.nz. Fairfax has progressively increased its share after first investing in the startup in December 2014. Since then, the site has grown eight-fold from 62,000 members to more than 500,000 members, and is now one of the most visited websites in New Zealand.
Casey Eden, Neighbourly co-founder and managing director is confident Fairfax’s sole proprietorship will equip Neighbourly with the tools it needs to continue its rapid growth.
“We believe Fairfax acquiring the remainder of Neighbourly will only accelerate the ability we have to bring more New Zealand communities closer together through access to greater resources and media reach,” he said.
“We have thoroughly enjoyed growing Neighbourly, alongside Fairfax, for the last three years, and look forward to spending many more years working together.”
Neighbourly was a foundational partnership for Fairfax as part of its strategy to diversify revenue streams and find new ways to connect New Zealand communities with very local news and information, explains Fairfax’s chief executive officer Sinead Boucher.
“We have enjoyed growing Neighbourly, alongside Fairfax, for the three years, and look forward to many more working together.”
“Acquiring Neighbourly was perhaps a risk for a business that had been focused on traditional publishing, but its undeniable success has shown us the value of exploring and developing new ways to support our core business of journalism,” she said.
“We are incredibly grateful for the hard work Casey and his team have done evolving Neighbourly, as it is now a key way for our journalists to connect with communities across New Zealand, talk to them about what matters locally, and keep them informed.”
Neighbourly has also proved to be a popular place for businesses to reach their most valuable customers, as well as for members to find tradies, recommend services and discuss local concerns.
Fairfax has subsequently moved into other joint ventures, launching ultra-fast broadband provider Stuff Fibre in September last year and electricity retailer energyclubnz this October.
About Neighbourly
Neighbourly is a free and private neighbourhood website for New Zealand. Using Neighbourly, neighbours create websites for their communities to exchange recommendations on local services, find employment, ask questions, plan events, discuss local issues – and get to know one another. By creating more real world connections between neighbours and their community organisations, Neighbourly aims to build stronger, safer and friendlier places to call home.
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