Westpac Banking Corporation, an Australia-based bank and financial-services provider, has become the largest investor in the Reinventure Fund, a $50m early stage investment fund, independently managed by Reinventure Group and dedicated to investing in Australian technology ventures. Westpac Group, besides its investment, will provide a strategic relationship to Reinventure’s startup entrepreneurs.
The Reinventure Group, founded by Danny Gilligan and Simon Cant, who are co-investors in the Reinventure Fund, claims to present a new model of corporate venture capital, where independent venture capital meets corporate partnership: “Rather than look for ventures that complement a corporate strategy, we flip that approach on its head. Instead, we look for ventures that can be assisted by our largest investor, Westpac through knowledge sharing. In return, Westpac will gain deep insight into leading edge technologies, business models and great entrepreneurs.”
Reinventure’s investment committee includes Jason Yetton, Westpac’s head of retail and business banking and Brian Hartzer, CEO of Westpac’s Australian financial services division.
Reinventure’s inaugural investment of $5m was made in March, in Australia-based, peer-to-peer lender, SocietyOne. The funding will be used to develop new credit products.