NAB spinoff bets $10m on rural Internet venture

National Australia Bank's subsidiary O2-e has announced it will invest $10 million in rural Internet company The Farmshed Ventures.

NAB's new economy business incubation and acceleration subsidiary will take a 21 per cent equity stake in The Farmshed.

Other investors in the internet company include JB Were, Rural Press, Wesfarmers Landmark and Kiwi Co-operative Dairies.

NAB through O2-e will also be able to create a module on The Farmshed portal to offer online business and financial services specifically for the agricultural sector.

This will initially include e-procurement and the services provided within the National Business Toolkit.

"This is a strategic investment which further strengthens the National's already strong position in the agricultural sector," O2-e managing director Glenn Barnes said.

The Farmshed chief executive officer Angus Taylor said the company's online business model is sustainable and delivers value through a number of strategic partnerships.

He said The Farmshed had attracted 13,000 members in six months since it went online, with growth of 1000 members a month.o2-e, incorporated last June, is a wholly owned subsidiary of NAB and invests in product innovation, infrastructure and back office applications businesses.

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