Westpac Has Put $50 Million Into A Technology-Focused Venture Capital Fund: Report

Westpac CEO Gail Kelly / Westpac

Westpac has reportedly tipped up to $50 million into technology-focused venture capital fund Reinventure Group.

The fund was founded by entrepreneur Danny Gilligan and management consultant Simon Cant and will be run at “arm’s length” from Westpac, according to the Australian Financial Review.

It is expected to fund “proven entrepreneurs” working on early stage banking, data aggregation and payment systems businesses.

Australian entrepreneurs have complained of a lack of early-stage capital for some time.

Government statistics released this month showed that venture capital and later-stage private equity funds had a total of $5.95 billion to spend on new businesses as of June 2013, with a further $13.8 billion already invested.

There’s more on the Fin.

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