Seek Finds Capital to Ramp Up Branding
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Australian Internet-only employment advertiser Seek Communications is planning to step up its branding and development after raising finances from three venture capital funds.
Seek has secured a total of AUS$5 million (US$3.3 million) from financial institution the Macquarie Bank's Macquarie Technology Fund, the Australasian Media and Communications Fund, and AMWIN Management, which is an international partnership between venture capital firms the Walden International Investment Group and Australian Mezzanine Investments Ltd.
According to Seek CEO Paul Bassat, this capital will be used to increase the company's marketing and product development. "[Internet measurement firm] Group www.consult recently ranked Seek as Australia's sixth best known Internet brand," he said. "We want to rev up our marketing to improve this kind of recognition. Obviously we can't stand still."
The company's advertising strategy will utilise both online and offline media, including outdoor advertising, which Mr Bassat said was particularly successful at building brand recognition, and radio, which he said was an "immense driver of traffic."
The company will also devote funds to product development, to develop its site for both users and advertisers.
Seek is also looking to foster more alliances with other Web sites, to complement those it has developed so far with sites like ninemsn, Excite Asia Pacific and LookSmart Australia. "The alliances we are looking at are with sites that are more targeted at specific industries," said Bassat.