New Zealand tech startups have another avenue of funding available to boost their businesses, with the launch of Flux Accelerator - a new initiative by The Icehouse.
Flux Accelerator, launching in 2017, is designed for startups that are looking to 'rapidly scale' their startup. The programme lasts for six months and will provide selected early-state tech companies between $20,000-$100,000.
The Accelerator will be supported by Callaghan Innovation, and will involve a range of industry, management and capital raising mentors.
Mentors include Claudia Batten (Massive and Victors and Spoils founder), Paul Cameron (Booktrack CEO), Jason Kerr (Findly and Spoke founder) and Tim Williams (ValueClick founder).
“After five startups, I’ve certainly learnt plenty about what it takes to build and exit a technology company. New Zealand has incredible talent and ideas, what is critical however, is turning these ideas into viable companies that scale internationally. Flux offers a pathway for founders to gain market traction and secure their next round of investment," comments Jason Kerr.
The Icehouse says that the Flux programme is a different accelerator model than others, as it provides depth and support for the 'most promising' founders.
The targeted approach helps with a better fit for both market opportunity and capital raising for "Demo Day", where teams pitch to more than 200 investors, the company says.
Mark MacLeod-Smith, director of Flux Accelerator and partner in Tuhua Ventures, believes the targeted approach also provides better support.
“Flux allows us to get closer to a smaller group of founders, providing more support and increased investment to the best technology startups New Zealand has to offer. The Flux model aligns founders with The Icehouse’s existing investor networks, like ICE Angels who have collectively invested $56M and the recently created $11M Tuhua Fund," he says.
The Icehouse also runs other programmes for startups, and the company says this new programme complements the $11M Micro VC fund, Tuhua Ventures and ICE Angels, New Zealand’s most active angel investment network.
Applications for Flux Accelerator close on December 19, 2016. The programme starts on February 20, 2017. Startups looking to apply for or find out more can visit the website.