Australia-based financial services provider AMP has launched a corporate venturing arm called AMP New Ventures that will invest in digital companies both locally and internationally, according to the Sydney Morning Herald.
The strategy for AMP New Ventures is in its early stages, but it will reportedly target startups that can complement AMP’s product offering.
AMP is currently undertaking efforts to create a digital mobile platform, develop a new content management system and establish a data analytics infrastructure.
The unit will be led by AMP’s chief innovation officer Jonathan Deane, while Grant Smuts, previously a director at APN Digital Ventures, the corporate venturing arm of media corporation APN, has joined AMP as director of new ventures.
Concurrently to setting up AMP New Ventures, the financial services firm has also become a sponsor of angel investor network group Innovation Bay. It is yet to allocate a specific amount of capital to the new unit for investments and acquisitions.