Reinventure makes new hire to help startups expand into the US
Former Silicon Valley native Kara Frederick will join the venture capital fund as a partner.
Reinventure, the Westpac-backed venture capital fund supporting Australian fintech companies, has welcomed a new partner. Kara Frederick will join co-founders Danny Gilligan and Simon Cant as a general partner from this week.
The new hire is part of the fund's plans to better support its startups looking to expand into the US market.
"Kara’s addition as the third partner will significantly build our capacity to support founders looking to expand into the US and ultimately find a US acquirer," said Cant.
Frederick's extensive experience in Wall Street, San Fransisco and Australia on both the buy and sell side of fintech deals will help Reinventure push forward with its US plans, of which Reinventure is well placed to do, she says.
"Reinventure’s model, being an independent venture capital fund with the backing of one of the largest and most well-respected institutions in Australia, Westpac, is differentiated in the market," said Frederick.
"We have a clear mandate to support founders as a venture capitalist partner and we can also provide unique access to opportunities within Westpac to our portfolio companies."
The appointment of Frederick to such a prominent position in Australian fintech also sheds light on the lack of female representation in the industry. A fintech census from EY Sweeney, commissioned by Fintech Australia in November 2016 found that 9 out of 10 fintech leaders in Australia are male.
A survey from Startup Muster in February of this year found similar issues, with nearly half of startups surveyed (47.5%) having no full-time female employees despite the average number of full-time employees being 4.12.
Cant said, "Our partnership also now better reflects an increasingly diverse founder community, including an equal mix of male- and female-led startups in our second fund."