(Inc.com) - Mansueto Ventures, the parent company of Inc. and Fast Company magazines, recently announced a $10 million expansion of its online division, which includes a social network and database for business owners, mobile websites for both magazines, and a small-business directory for the emerging entrepreneurial class in China, among other initiatives.
The expansion also includes the creation of Mansueto Digital, the company’s new online publishing division.
The new division will continue to oversee Inc.com and FastCompany.com, which together reach more than 1.4 million readers every month, according to the most recent ABCi audited traffic report. Last year, Inc.com received a W3 Silver award for best business blog from the International Academy of Visual Arts, along with Webby and EPpy awards nominations.
The $10 million investment is on top of the current operating budget for these sites, as well as IncTechnology.com, a website launched last year that focuses on innovation and technology for business people.
The expansion is part of ongoing efforts to fully expand the online capabilities of both Inc. and Fast Company magazines, according to Mansueto Ventures CEO John Koten.
Other new initiatives will include an online social network for businesspeople interested in innovation, technology, and digital media, a directory for buying and selling businesses, and a website for those interested in franchising.
“Right now, we have publishing websites that are as good or better than the industry standard,” said Edward Sussman, executive vice president of Mansueto Ventures, who was named president of the new digital division.
“What the new investment will allow us to do is go one step further -- or three steps further -- and get ahead of other publishing websites in a tangible way for our readers and advertisers,” Sussman said.
Loren Feldman, a former editor at American Lawyer, Money, and George magazines, was named editor of Mansueto Digital.
Feldman has been the deputy editor of Inc. magazine since July 2004.