NAB Ventures, the $50m innovation fund of National Australia Bank (NAB), has invested in Data Republic – a Sydney-based technology firm founded by Paul McCarney and Danny Gilligan.
NAB Ventures was among the three large corporate investors who contributed overall $10.5m in the Series A funding round for the startup. The move marked the first investment by NAB Ventures.
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Data Republic offers a platform for data exchange between platform partners and contributors for improving personalised customer experience for those companies using the platform.
NAB Ventures managing director Todd Forest said: "Data Republic is doing some really innovative work to improve the personalisation experience for customers. This strategic equity partnership gives us a seat at the table to help develop Data Republic’s capabilities and ultimately improve the experience for NAB customers in the future.
"We know that banking is undergoing significant transformation in the digital space and the simple aim of NAB Ventures is to help ensure we can embrace the right changes to deliver new customer solutions."
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