$10 million fund set up for start-ups
A $10 million fund is available for start-up businesses over the next five years, as the investment deal between Ice Angels and NZVIF continues.
Together, angel investment fund Ice Angels and government-funded venture capital investor, New Zealand Venture Investment Fund (NZVIF), have invested $8 million into 12 companies over the last four years.
The investment deal has been renewed. NZVIF will contribute a maximum of $4 million into companies selected and invested into by Ice Angel members.
These are typically early stage tech companies ventures with international growth potential.
Chairman Brian Casey says the investments usually fall within the software, media, internet, communications, life sciences, and medical devices sectors.
“New Zealand needs to grow young technology companies and turn them into world-leaders. We need to be developing the talent, networks and capital to make it possible. Angel investing provides start-ups with all three of those,” says Mr Casey.
Ice Angels claims to be the largest and most active angel network in Australasia and has, since 2003, invested more than $30 million in 33 companies, across 60 investment rounds.
Last week, NZVIF committed $20 million to PayPal founder and Facebook board member Peter Thiel’s local venture capital fund.
The fund focuses on providing growth capital to local technology start-ups to help with research and development and funding expansion into export markets.