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Westpac-Backed VC Firm Among Coinbase's Series C Investors
Reinventure Group, a venture capital firm backed by Westpac, Australia's second-largest bank, has been revealed as one of Coinbase's Series C backers.
Reinventure Group, a venture capital firm backed by Westpac, the second-largest bank in Australia, has been revealed as one of bitcoin wallet and exchange service Coinbase's Series C backers.
Coinbase announced in January that it had raised $75m in new funding, a round that drew support from Spanish megabank BBVA and Fortune 500 financial services group USAA, among others.
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The participation of Reinventure was disclosed in a 29th June blog post, in which Coinbase said that it planned to "share insights into the use of digital currencies globally" with the VC firm. According to the Sydney Morning Herald, the firm contributed an undisclosed amount to the Series C round.
"We're very excited to be working with such a great management team and look forward to helping them grow their business," Simon Cant, co-founder of Reinventure, told the Morning Herald.
Reinventure's investment portfolio features two financial technology startups: peer-to-peer lending platform SocietyOne and payments firm PromisePay.
Image via Shutterstock
Stan Higgins
A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry. Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).
