x15ventures Head of Portfolio, Yish Koh, said there is so much innovation happening in retail and e-commerce right now.
“With the boom in online and omnichannel retail continuing post-pandemic, and the increasing blurring of the lines between shopping, marketing and financial services, there has been a transformation in how consumers discover new products and expect rewards for loyalty, particularly for millennials and Gen Z.
“We're excited about the opportunity Xccelerate21 gives us to see the best of what's up and coming," she said.
x15 is looking for founders who are early in the development of their startup and are supporting businesses in the digital transition to online or marketplace models; solving challenges around payments and cash flow for both customers and businesses; and connecting businesses with the right customers and ensuring long-lasting relationships.
x15ventures Managing Director, Toby Norton-Smith, said that as a venture-scaler, x15 is focused on building, investing or acquiring ventures that can deliver the next generation of digital solutions.
“The ventures backed by x15 get more than capital – they get access to expertise, technology and security, which can accelerate their path to scale with a strategic partner in CBA.
"Xccelerate allows us to open our doors to earlier stage start-ups and entrepreneurs, help test and evolve their thinking, and for the winner, access early-stage funding and a plan for how they could scale in the future through x15 and CBA," he said.
The launch event, which will be held on 29 June 2021 at Stone & Chalk Sydney and streamed online, will feature a panel discussion about how emerging technologies are disrupting the retail industry and introduce the Xccelerate21 program.
Speakers on the day include Omaya Robinson (CBA), Toby Norton-Smith and Yish Koh (x15ventures), John Batistich (Zip Co), last year's winner James Bowe (OwnHome), and Elliott Donazzan (Payble).
Commenting on the focus for Xccelerate21, Stone & Chalk Group CEO, Alex Scandurra, said the pandemic has undoubtedly shaken the retail sector to its very core.
“It’s prompting retailers to consider new channels and technologies through which they can reach and maintain relationships with their customers.
“We're pleased to support x15 by leveraging the reach through our leading Impact Network, alongside several other ecosystem partners who are committed to shaping the future of Australia's startup scene by supporting innovative founders using emerging technologies to solve real-world challenges,” Mr Scandurra said.
OwnHome Co-Founder and winner of Xccelerate20, James Bowe, commented on what it has been like to go through the program.
"It's been fantastic to connect with the x15ventures team over the past few months as we work towards delivering this new path to homeownership to Australians,” he said.
“In addition, it's great to work with Australia's largest bank as they invest behind small, customer-obsessed teams delivering innovative solutions."
Applications are now open for the upcoming Xccelerate21 program and close on 13 July, with finalists invited for an in-person Pitch Day on 12 August 2021. To register for the official launch event at Stone & Chalk, visit here. For more information and to enter Xccelerate21, visit https://www.x15ventures.com.au/xccelerate21
About x15ventures: x15ventures is a wholly-owned subsidiary of Commonwealth Bank, with funding from CBA's $1 billion annual technology investment envelope, its own delivery model, and a dedicated management team. x15ventures is working with leading global businesses, including Microsoft, KPMG, to deliver ongoing expertise and support for digital innovators. The CBA venture-scaling entity is building the next generation of solutions for our 15 million customers and beyond by unlocking new value from CommBank's assets through partnerships with the tech and innovation community. x15ventures partners with seasoned entrepreneurs, offering them support, guidance and access to CBA's customer base and distribution networks. For more, visit: www.x15ventures.com.au
About Xccelerate21: Xccelerate21 is a high touch, high-impact program that provides founders access to mentors and experts to help them accelerate the growth of their business. Founders will learn how to grow their start-up with support from our partners and gain industry insights from CommBank experts on what it's like working with a large corporate. The winning team will be offered a $150,000 investment from x15 through a standard SAFE note. For more, visit: https://www.x15ventures.com.au/xccelerate21
About Stone & Chalk: Stone & Chalk is Australia's leading Impact Network™ for emerging technology. Together with their resident founders, mentors, investors, industry, and government partners, they have a proven track record in providing growth and commercialisation support for start-ups and scale-ups. Residencies in their innovation hubs in Sydney, Melbourne and Adelaide provide access to customers, capital, talent and expertise, in addition to incredible opportunities for community collaboration. For more, visit: www.stoneandchalk.com.au