Australia Post invests $20m in e-commerce

Australia Post has announced a $20 million capital fund for emerging e-commerce businesses.

The investment fund, which will focus particularly on regional centres, will co-locate its accelerator with its first partner, the University of Melbourne.

“We will work with our people, our customers, the community and our partners to identify new opportunities and emerging, disruptive e-commerce businesses that we can accelerate,” said Ahmed Fahour, Australia Post managing director and group CEO.

“We will use the $20 million capital fund, which with the success I expect could grow to more than $100 million over coming years, to directly invest in great e-commerce businesses with ideas that will improve the lives of our customers.”

He said the partnership with the University of Melbourne will be the first of many with accelerators around Australia.

University of Melbourne Vice-Chancellor Professor Glyn Davis said the university was honoured to be chosen as the first innovation partner.

“We believe universities don’t just educate our future generations; they are a production line of ideas for new entrepreneurs and new businesses,” said Professor Davis.

“Harnessing the current mood around Australia’s innovation agenda is important, and this investment will go a long way to ensuring that start-up cultures like those at Melbourne Accelerator Program continue to have a prominent role at the university.”

Fahour said innovation is already at the forefront of Australia Post’s transformation into a leading e-commerce business.

“We will soon pilot ‘The Hive’ in Geelong where we are working with the community to offer meeting spaces, IT support and business coaching to local start-ups and micro-businesses,” he said.

Image courtesy of David Villa under CC

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