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Publisher increases investment in social network

A social network which aims to connect neighbourhoods is set to expand after a regional publisher increased its investment in the site.

Archant Digital Ventures has increased its investment in Steetlife.com, which has secured total funding of £600,000 from existing shareholders, including Archant, and new international financial investors Shohet & Cie S.A.

The social network also has a mandate to raise a further £3m before the end of this year and the funds will be used to launch the service in new areas of the UK, introducing the brand on a county-by-county basis.

Streetlife.com aims to provide a platform for people to connect with their neighbours and Archant first formed a partnership with the site last summer.

Serge Taborin, managing director of Archant Digital Ventures, said: “Local media has played a key role in informing and engaging communities for decades.

“Digital platforms have opened up new opportunities to extend those relationships beyond editorial content, and Archant’s investment in streetlife.com is a prime example of that strategy.

“We are delighted with the extraordinary rise of the platform, which now provides a rich source of highly relevant local stories for our journalists, and we strongly believe that this latest round of investment will enable streetlife.com to accelerate its growth nationally.”

Streetlife.com claims to have nearly 100,000 users in more than 500 communities who use the site to share recommendations, organise social groups and discuss public services, with 81pc of users reporting that they feel more connected to their local community since joining.