$8m on offer for Wellington start-ups
Wellington-based investment group Angel HQ has teamed up with national venture capital provider the New Zealand Venture Investment Fund (NZVIF) in a move that will create an $8 million funding pool for promising businesses.
Established by the government in 2002, NZVIF partners with 13 other investment groups – including another in Wellington – through its $40 million Seed Co-Investment Fund. It has promised to match every dollar invested by Angel HQ, up to a value of $4 million.
Angel HQ chairman Bruno Bordignon says some very exciting companies are emerging in the Wellington region. "The missing factor for many start-ups is capital,” Bordignon says.
The partnership is expected to run for around four to five years, investing in 15 to 20 young companies in that time.