X15 Ventures to invest into startups through digital pitch event

X15 Ventures, a Commonwealth Bank-powered investment fund, has launched a virtual pitch event which will deploy up to $150,000 in winning ideas.

Applications will battle it out on a virtual event in front of a panel of industry experts to receive funding, mentoring and support.

The theme of the Xccelerate event will be improving financial wellbeing of small businesses and helping them bounce back during the economic recovery from the coronavirus pandemic.

Its inaugural programme will see 15 startups and entrepreneurs compete for up to $150,000 in funding and tailored advice from Commonwealth Bank partners in technology, risk, cyber, payments and data science.

X15 Ventures managing director Toby Norton-Smith said, “X15 allows us to open the door and partner more easily with entrepreneurs to help them achieve rapid growth from seed right through to launch phase.

“While the businesses will be developed as a start-up, they will have the scale and reach of CBA behind them to achieve growth. Xccelerate 2020 will support Australia’s best start-ups to help small and micro businesses bounce back in 2020.

The aim of X15 Ventures is to support more than 25 startups by 2024. Applications are open until June 7.

CBA group executive for business banking Mike Vacy-Lyle said, “Given the economic setback caused by the coronavirus pandemic, we are inviting driven, experienced entrepreneurs looking to scale their business or a new business idea. The event is part of our commitment to partner with the FinTech community to bring new products and services to market that will benefit primarily retail and small business customers.”

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