$50 million up for grabs
The New Zealand Venture Investment Fund has up to $50 million available for establishing new venture capital funds which will invest into New Zealand start-ups.
The organisation is now calling for proposals from venture capital fund managers with established management teams, confirmed capital commitments in excess of $10 million, and a track record of venture capital investment experience.
NZVIF Chief Executive Franceska Banga said that following the government’s announcement of an underwrite for NZVIF’s venture capital programme, it has up to $50 million available for investing into new venture capital funds.
NZVIF will commit between $10 million to $25 million to each new fund.
“We hope to establish at least one, if not more, new venture capital funds which will focus on emerging New Zealand technology companies which need capital to expand,” he said.
“There is now a healthy pipeline of young technology companies looking to grow following consistent and significant growth in the angel investment sector in the past few years. As these promising young angel-backed companies develop, they need new sources of growth capital.
“These companies, typically, are at the stage where they would be looking for capital of around $2 million to $4 million to start taking their product offshore. This is where new venture capital funds have an opportunity to invest into some exciting opportunities.”
Six venture capital funds have been established under the programme to date.
The deadline for proposals for new funds is 5pm, September 27th.