The financial services organization serving nearly 13 million customers, National Australia Bank (NAB), today announced the hiring of Todd Forest as its inaugural managing director. As the official press release notes, Mr. Forest will lead the $50 million NAB Ventures fund, part of the NAB Labs innovation hub.
The main objective of the innovation fund is to collaborate with startups from around the world presenting unique ideas and technologies that can definitely develop the financial experience of NAB customers.
Previously, Mr. Forest was employed in the Australian Tasman Ventures at exactly the same position. The entity invests in internet companies that are in early stages of development, trying to maximize their potential by angel funding. In the past he also worked as the head of MSN Asia Pacific.
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The new managing director commented on the adoption of the position: “I’m excited to take on this opportunity with NAB Ventures; banking globally is undergoing a digital transformation and NAB Ventures will help ensure we are able to embrace the right changes to deliver innovative solutions for our customers.”
In addition, the fund’s ranks were also strengthened by Mellissa Winder as NAB Ventures General Partner and Bill Barter, who will provide investment advisory services. Ms. Winder is an owner of 7Software, a software company from Silicon Valley. Mr. Barter founded Black Bird venture capital and will use his experience in fund management and investment opportunities.
As reported by Jonathan Davey, Executive General Manager NAB Labs, in a recent official statement on the decisions: “Todd, Melissa and Bill all have an outstanding track record and will collectively play a vital role in the success of NAB Ventures and building on the innovative culture that will help continue to deliver for our customers.”