05 Aug 2018

NAB adds another $50m to VC fund

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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.

Three years on from announcing the fund, NAB Ventures has made 12 investments in start-ups both locally and internationally as it strives to tap into the latest technologies and trends by building closer links with the world’s best fintech companies.

NAB Ventures Managing Director Todd Forest said: “By engaging with, investing in and partnering with leading start-ups, NAB Ventures continues to provide NAB with exposure to best-in class digital capabilities and propositions that will enable it to respond to the radical technology driven changes that are impacting both NAB and its customers.

“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.”

NAB Ventures General Partner, Melissa Widner said: “Two and a half years has gone quickly, and I’m proud of the investments we have made, the progress of the companies we have invested in and the opportunities we are helping to unlock.

“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.

“Making sure we embrace the right trends to deliver new customer solutions within NAB is at the core of what we do and it’s exciting to be part of an organisation that is committed to backing bold entrepreneurs with great ideas that could benefit customers.

“Our value is not limited to the dollars we invest; for example, our investment in Medipass Solutions has helped deliver the HICAPS Go ‘Uber-like’ experience, with a seamless digital application that allows patients to locate, book, claim and pay for health practitioner appointments from their mobile device.”

In July 2015, NAB announced that it would establish a $50 million corporate venture capital fund and in January 2016 the fund was launched with the appointment of Todd Forest as Managing Director of NAB Ventures, which sits within the broader Digital and Innovation portfolio.

Hear from Todd Forest speaking about he investment here:


 

 

– Investee Companies –

Data Republic: In May 2016, NAB Ventures announced its first investment in Sydney-based start-up, Data Republic. Data Republic has built data exchange technology platform and marketplace where organisations can exchange data and collaborate on projects in a secure environment.

Medipass Solutions: In February 2017, NAB Ventures announced a seed investment in Melbourne health-tech payment start-up, Medipass, as well a joint venture with the company on a mobile solution for the HICAPS system. The joint venture culminated in the launch of HICAPS Go, a seamless digital experience for booking a healthcare practitioner, obtaining a quote, claiming any out of pocket insurance and making a payment.

Veem: In March 2017, NAB Ventures led the funding round of San Francisco based start-up Veem, alongside the like of Google Ventures and Kleiner Perkins. Veem is a FX platform for B2B global payments that leverages blockchain, to offer businesses more transparent, reliable and faster international payments.

Wave: In May 2017, NAB Ventures led a the funding round in Toronto-based start-up, Wave. Wave delivers cloud-based financial management software including accounting, invoicing, and payroll with seamlessly integrated financial services such as credit card processing and lending.

Basiq: In June 2017, NAB Ventures announced a seed investment in Basiq, a Sydney-based start-up that has developed an aggregation platform for acquiring financial data, providing secure access to hundreds of financial institutions through a simple set of APIs.

ActivePipe: In February 2018, NAB Ventures announced its investment in Melbourne-based start-up, ActivePipe. ActivePipe is an automated marketing platform targeting the residential real estate industry. It leverages data and predictive analytics to manage and personalise communication between real estate agents, mortgage brokers and consumers.

BrickX: In February 2017, NAB Ventures announced its investment in BrickX. BrickX is platform which offers fractional property investment, allowing people to invest in residential properties for as little as a few hundred dollars by purchasing units in an investment trust (known as “bricks”) which owns the properties.

*NAB Ventures has made 12 investments, with 7 of these publicly announced to the market to date.

 

– About NAB Ventures –

NAB Ventures invests in start-ups that can leverage NAB’s expertise, assets and market position, whilst also driving value for NAB. NAB Ventures is a global initiative supporting entrepreneurs in Australia and offshore in their quest to build leading technology companies. Its partners have founded, led, and invested in technology companies for two decades in both Australia and the US.  To learn more about NAB Ventures visit: www.nabventures.com

 

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