Around a decade ago, as nimble fintech companies and start-ups began to displace the incumbent giants in telecoms and banking, large corporations around the world started setting up venture capital funds to harness the innovation and energy of these start-ups, including Australia’s big four banks, as well as other big technology companies. Telstra.
Things didn’t go as planned.
Last week, Telstra announced it was selling its fund, Telstra Ventures, and renaming it Titanium. Waistpack It became quiet, Commonwealth Bankx15 Ventures has the characteristics of an accelerator. Australia1835i is still getting used to the new management. However, National Australia BankNAB Ventures will remain true to its original name and strategy.
NAB Funds recently invested in an established partner in the digital asset custody business. Zodiac CustodyIt is run by executives seconded from NAB and has also begun a partnership with another investment firm. bankand expand the merchant base for account-to-account payments.
Amanda Angelini She has been managing director for just over three years, a role she previously shared with the founder of NAB Ventures. Todd Forrest She currently serves as a strategic advisor. Capital Brief Writing in our past performance series, NAB explained that it sees the fund as both a commercial venture as well as an R&D investment. The full interview, lightly edited for brevity and clarity, can be read below.
Central to the fund’s philosophy is that parent banks want commercial returns, but these are not the same as liquidity events that non-corporate VCs target.
