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.
Data Republic is a Sydney-based start up which has seen Qantas Loyalty, NAB's venture capital fund, NAB Ventures and Westpac's ReInventure Fund take part of its $10.5 million Series A investment round.
The startup, launched in 2014, offers a marketplace for data exchange between organisations who want to enrich their own customer insights.
Qantas Loyalty CEO Lesley Grant says the investment in Data Republic is the first of its kind in the Qantas Group's 95 year history.
“At Qantas we’ve seen the benefit that customer-led innovation can provide to businesses and their customers,” Grant says.
“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.”
Data Republic co-founder and CEO Paul McCarney says “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”.
“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,” he says.
The investment will also help underpin Data Republic’s expansion strategy into the United States later this year.
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