Venture capital firm Reinventure Group has closed its third $50 million fund, with Westpac once more backing the firm.
Coming after the raising of its second fund in August 2016, the fresh $50 million will go towards expanding Reinventure’s focus towards the wider Asia-Pacific region.
Danny Gilligan, cofounder and managing director of Reinventure, said that while the first two funds were focused on the firm’s key themes around “modularisation of the banking stack”, looking at the likes of credit, data, and trust, and “finance at the edge”, where financial services are embedded within the product, like health, real estate, and retail, the third fund will have a more flexible structure, allowing the firm to make overseas investments, and investments other than pure equity.
Fellow cofounder and managing director, Simon Cant added, “While we intend to continue to look for investments that fit our modularisation and finance at the edge theses, Fund III will see us making initial investments around the disruption coming out of Asia, as well as continuing to look at blockchain-related investments.
“Both of these themes are consistent with our approach to providing the bank with visibility and options in relation to longer term potential disruptions, or what we call ‘Horizon 3’ options.