NAB is committing an additional $50 million over the next two years to its corporate venture capital fund, NAB Ventures, taking the total fund to $100 million until 2020.
The Australian bank launched its first fund in January 2016 and has since invested in 12 startups, both locally and internationally. Companies within the portfolio include, data exchange platform Data Republic; open banking outfit Basiq; health tech payments firm Medipass Solutions; blockchain-based payments system Veem; cloud accounting software provider Wave; and proptech startups ActivePipe, and BrickX.
NAB Ventures general partner, Melissa Widner says: “Two and a half years has gone quickly, and I’m proud of the investments we have made. We’ve spoken to thousands of start-ups, tracked more than 1500 companies and looked at more than 300 serious opportunities. We’re very strategic about the companies we invest in, being those start-ups we truly believe we can help grow and create long-term shared value."
With a move to Open Banking on the horizon, and new innovations in AI and data management transforming the landscape, NAB Ventures seeks to provide the bank with exposure to firms working at the forefront of the digital revolution.
NAB Ventures MD Todd Forest says: “Beyond financial capital, we work with our portfolio companies to establish collaboration within NAB and create opportunities to drive positive outcomes for all stakeholders. We are focused on delivering long term strategic benefits, in working with start-ups from the bottom up and optimising opportunities to drive value into NAB, whether by efficiency gains or enhancing the customer experience.”