Telstra's Venture Capital Arm Has Picked A US App Developer For Its First Investment Of The Year

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While Australian startups complain of a lack of local funding, the nation’s largest telco has picked Orlando-based app developer Kony Solutions for as first venture investment of the year.

Telstra Ventures has tipped $US18.3 million into Kony, whose mobile app platform is used by Hyatt, Konica Minolta and Schweppes.

Telstra Ventures was formed in 2011 and is based in Australia and Silicon Valley. The AFR reports that it has about $40 million a year to invest in technology start-ups.

Previous investments include Silicon Valley’s Ooyala and Australian start-ups Mandoe Media, IPScape, Whispir and Dimmi.

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