The venture's main activity is the excite.com.au website, which includes sport, travel, news, entertainment, investment and classified advertising.

Libertyone chief executive Warren Lee said excite.com.au search engine covered more than 800,000 Australian sites.

Excite Australia is the first in a series of localised portals the joint venture is setting up throughout the Asia Pacific, he said.

Lee said Excite Australia had received solid support from advertisers.

"Advertising revenue generated prior to the launch is in line with our expectations," he said in a statement.

"This support from advertisers emphasises the growing demand for online advertising. In Australia last year, the amount of money spent online by advertisers grew by 300 percent," he said.

Libertyone issued 20 million shares late last year to raise A$20 million to help fund its participation in the joint venture.

It debuted in mid-December at A$3.50, a 75-percent premium to its A$2 a share listing price.

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On Wednesday, it closed three cents softer at 94 cents as just over a million shares changed hands.