[Sydney, AUSTRALIA] Sydney-based entertainment and online media company Tribe has completed its
second round funding with a capital raising of AUS$17 million.
The funding has seen the recommitment of United Distillers and Vintners
(UDV), a subsidiary of U.K.-listed Diageo and financial institution J.P.
Morgan, together with follow-on investment from Tribe’s chief executive
officer and founder Milt Barlow and other early stage investors in the
company.
Tribe said the funding will be used to continue to strengthen Tribe’s
Australian online entertainment city-focused portal network, its offline
entertainment interests and expansion of its overseas business.
“We are delighted to have completed another milestone in Tribe’s
development,” Barlow said. “The recommitment of both UDV and JP Morgan
coupled with a recent exercise of options by the company’s original seed
founders is a terrific vote of confidence in Tribe’s vision and
progress.”
Barlow said the next 12 to 18 months would see Tribe engage in some exciting
opportunities both here and overseas “as we leverage our publishing
technologies and unique content to new 3G wireless technologies and continue
to build a world class company in the provision of youth content on a
multi-platform basis,” he said.
According to Tribe, the next few weeks will bring a series of announcements
locally and internationally. “On the local front, you can expect to see an
increased rate of syndication and brand extension similar to the programming
we have recently completed for Sony’s au.playstation.com site,” Barlow said.
“Overseas, we are close to announcing a lead banking partner that will
spearhead a consortium to build up to 20 U.K. Tribe sites over the next two
years with eventual migration of content and users to 3G Wireless
technologies.”
In June of this year, Tribe completed its Australia-wide youth-targeted grid
of city portal sites – sydneytribe.com, melbournetribe.com,
canberratribe.com, brisbanetribe.com, adelaidetribe.com and perthtribe.com
aim to provide Australia’s twenty somethings with “useful local, fresh and
upbeat entertainment and lifestyle guides”.
In September and October Tribe went live with its first two international
sites in Los Angeles and London.