In a groundbreaking alliance, Lloyds is launching a US$30 million joint venture with Antfactory, the UK internet incubator fund.
Called Valuefactory Ventures, the joint venture aims to identify, invest in and develop global new economy businesses as standalone companies. The focus will be on investment opportunities which can benefit from the resources of Lloyds TSB and Antfactory.
Dennis Holt, group executive director, retail distribution, Lloyds TSB said: “This partnership adds a new dimension to our e-commerce strategy. Antfactory, with its international network, will contribute its unique ideas, entrepreneurial culture and partnership contacts as well as investment experience. By combining our expertise with Antfactory’s we believe we can participate in a wide range of initiatives that will deliver tangible benefits for customers and shareholders.”
Harpal Randhawa, chief executive of Antfactory said: “We are delighted to have joined forces with one of the world’s pre-eminent financial services companies. Valuefactory will benefit from Lloyds TSB’s industry expertise as well as its corporate infrastructure and financial and human resources. We in turn will leverage our experience in international enterprise development to bring entrepreneurial acumen to the venture. This deal fits perfectly within our stated strategy of developing on-line extensions of the offline businesses of major corporates.”