Westpac has launched Reinventure, a $50 million fund seeking early stage technology start-ups to back.
The fund is seeking 12 companies to invest in over the coming years.
While the mandate is broad and focused on disruptive technologies, Westpac are particularly seeking data aggregation and payment system start-ups.
A spokesperson for Westpac told StartupSmart the fund would operate as a distinct entity from the bank.
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.
“We’ve helped set it up but from a day to day basis (fund founders) Simon and Danny are the ones who are driving it,” the spokesperson says.
“Our motivation is we want to be closer to the forefront of technological advances as the world is moving pretty fast. We want to explore new growth areas and local entrepreneurs.”
The fund’s founders are entrepreneur and in-house venture capital lead at APN News & Media Danny Gilligan, and Simon Cant, principal at innovation consultants Cant Associates.
This article first appeared on StartupSmart.