First State Super announced it will create its own Venture Capital platform to invest in technology, fintech and biosciences. The money will be specifically targeted for seed rounds and emerging startups.
“The idea for us is to seed early stage ideas through a partner,” First State Super’s chief investment officer Richard Brandweiner said at Fintech Accelerator H2 Ventures.
The decision comes just a month after First State tipped $110 million into new venture capital firm, Blackbird Ventures.
“It’s early days but there’s an evolution of thinking with super funds happening… my sense is that there is a lot more appetite for super funds to invest in venture capital,” Brandweiner said.
Financial Technology, or fintech, is quickly gaining ground in Australia, especially among the financial establishment. It promises innovations from more secure payments methods through Smart Contracts.
National Australia Bank has put $50 million into NAB Labs to experiment with new products and services. The Commonwealth Bank has also built its own innovation lab, where they play with technologies as far-ranging as robots and APIs.