Three of Australia’s leading companies – Qantas, National Australia Bank and Westpac – have been confirmed as investors in Data Republic’s first major funding round.
In a significant boost for the Sydney-based tech start-up, Qantas Loyalty, NAB’s venture capital fund, NAB Ventures and Westpac’s ReInventure Fund have each become strategic equity partners as part of a $10.5 million Series A investment round. The investment reinforces the growing stature of local start-up ventures and their contribution to Australia’s reputation as an innovation hub. It will also help underpin Data Republic’s expansion strategy into the United States later this year.
The investment reinforces the growing stature of local start-up ventures and their contribution to Australia’s reputation as an innovation hub. It will also help underpin Data Republic’s expansion strategy into the United States later this year.
Data Republic, whose technology provides companies, governments and not-for-profits with a secure platform for data exchange, welcomed the support from three of Australia’s most respected corporations.
“With this important investor support, we can continue to help businesses unlock the value of their data and drive more relevant products and services, but in a way which prioritises customer privacy,” Data Republic’s Co-Founder and Chief Executive, Paul McCarney, said.
“With this important investor support, we can continue to help businesses unlock the value of their data and drive more relevant products and services, but in a way which prioritises customer privacy,” Data Republic’s Co-Founder and Chief Executive, Paul McCarney, said.
“There’s enormous social and business productivity benefits to opening up data for exchange, but the privacy, security and rights of the consumer have to come first.” Established in 2014, Data Republic’s technology offers a marketplace for data exchange between organisations who want to enrich their own customer insights. To ensure that security,
Established in 2014, Data Republic’s technology enables data exchange between organisations who want to enrich their own customer insights. To ensure that security, privacy and governance are of the highest standard, Data Republic and Westpac have partnered to develop the world’s first data banking service. This allows corporate clients that have obtained appropriate permissions from their customers to securely separate and store customer information on dedicated bankgrade security infrastructure, while authorising broader data insights for analysis and exchange. Leading Australian law firm Allens designed the governance framework that delivers world’s best practice in terms of privacy and security. Danny Gilligan, Co-Founder of Westpac Reinventure, said: “Given the increasing prevalence of data sharing between organisations, the creation of ‘banking infrastructure for data’ to enable it to flow as freely, with the same trust, security and privacy as money is critical to moving towards a data driven economy. Both Data Republic and the security which the data bank infrastructure offers are important innovations in this regard.”
Westpac’s Chief Strategy Officer, Gary Thursby welcomed Data Republic completing its Series A funding round. “The work we have done with Data Republic through our investment with Reinventure will not only deliver innovation for companies wanting to improve the customer experience but most importantly delivers bank-grade security protocols and governance to the storage and management of data.”
Todd Forest, Managing Director, NAB Ventures said the investment was an exciting first step for NAB’s innovation fund. “
“Data Republic is doing some really innovative work to improve the personalisation experience for customers,” Mr Forest said. “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
Mr Forest said. “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.”
Qantas Loyalty CEO Lesley Grant said the investment in Data Republic is the first of its kind in the 95 year history of the Qantas Group.
“At Qantas we’ve seen the benefit that customer-led innovation can provide to businesses and their customers,”
Ms Grant said. “Co-investing in Data Republic with NAB and Westpac provides a great opportunity for further innovation by allowing us to gain a deeper understanding of what our customers want. “We hold the privacy of our customers and their data with the highest respect, so the high level of governance and security that Data Republic applies is highly appealing.”
Based in Sydney’s fintech hub Stone & Chalk, Data Republic believes its data platform will pave the way for not-forprofit organisations to deliver much better services to their clients.
“The productivity impacts from governed data exchange extend way beyond business, and into social benefits like improved insight into areas such as mental health and public education,”
Mr McCarney said. “This isn’t just about better marketing; it’s about empowering business, government and social organisations to unlock the value of data and drive more accurate socio-economic reform and decision making.”