Seek Finds Capital to Ramp Up Branding

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.”

Seek recorded 450,000 unique visitor sessions in October, an increase of
40,000 over figures for the previous month.

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.

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