Commonwealth Bank has paid an undisclosed amount to buy Australia-based retail management app developer Doshii, allowing Reinventure, the venture capital firm backed by fellow financial services firm Westpac, to exit.
Doshii has developed a cloud software platform that enables brick-and-mortar businesses such as retailers or hotels to manage a range of activities, including reservations, customer loyalty schemes and online delivery, in addition to digital point-of-sale systems.
The purchase was made through x15ventures, the open innovation vehicle launched by Commonwealth in 2020. Reinventure had invested $760,000 in Doshii in 2017.
Toby Norton-Smith, managing director of x15ventures, said: “When we launched x15 last year, our mission was to bring new solutions to market that empower customers as never before, and Doshii is an exciting business proposition built with leading technology and a growing ecosystem of apps and merchants on the platform.
“It is a transformative solution for the hospitality space – stitching together the diverse range of new digital services and apps that consumers and merchants are using, with the inherently physical nature of the industry.”
