With $105 million in the kitty from his latest round of fundraising, all eyes will be on Wellington investment manager Phil McCaw and his Movac Fund 4 as he looks to inject the cash into the technology sector.
A founding partner and 18% shareholder in the Movac investment company, McCaw is an active angel investor who was one of the initial investors in Trade Me, which netted him $73 million and still rates as his best deal “It’s been the runaway success and the one that’s enabled us to keep doing what we’re doing today.”
Movac funds have invested more than $55 million in about 25 companies, including wireless tech company PowerbyProxi, fundraising website Givealittle, beauty appointment booking service Flossie.com and flight recovery drink maker 1Above.
Regarded as a hands-on investor, McCaw says the Movac Fund 4 is the first early stage growth fund to reach meaningful scale in New Zealand. “We’re really excited to get to work investing this fund and the opportunity to work with some of New Zealand’s leading entrepreneurial talent.”