Australia’s Telstra loses VC unit founder
Deena Shiff, managing director of Telstra’s captive VC unit, has resigned her post to focus on a non-executive career and directorships. She remains as an advisor to the firm and as a board director for investee companies.
Matthew Koertge, managing director of Telstra Application Ventures Group (AVG) Australia, and Mark Sherman, managing director of AVG US, have replaced Shiff as co-heads of the group. At board level, responsibility for AVG activities still falls to Kate McKenzie, group managing director for Telstra Innovation Products & Marketing, and CFO Andy Penn.
Shiff joined Telstra's CEO leadership team in 2005 as general managing director of the wholesale business and went on to head up the Telstra Business division from 2006 to 2011. She established AVG in 2011 as a corporate venture capital arm to invest in companies that offer the parent group access to innovation.
AVG has grown to 20 staff based in San Francisco and Australia with seed funds of at least A$50 million ($52 million). Investments in the past 18 months include Ooyala, Dimmi, Mandoe, IPscape and Whispir.
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