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New Zealand’s MOVAC closes third fund at $33m

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New Zealand-based early-stage investor MOVAC has raised NZ$42 million ($33.2 million) for its third fund. It will invest sums of NZ$1-5 million in local companies with an established track record that require growth capital.

"Since the launch of the fund in July last year, we've raised another $11 million from experienced investors, locally and offshore," said Phil McCaw, managing partner at MOVAC. "It's been heartening to see such enthusiasm for investment in growing New Zealand companies, particularly given the ongoing uncertainty in global markets."

MOVAC has invested in more than 25 early-stage businesses in New Zealand over the past 10 years, and is best known for being among the original investors in TradeMe, an internet auction website that was sold to Fairfax for NZ$700 million in 2006.

MOVAC has also appointed Ben Anderson, a New Zealander based in Silicon Valley, as a partner for the third fund. He is currently a partner with executive search firm Lonergan Partners.

"Kiwi companies wanting to go global must have the team, capital and connections in order to succeed," said Anderson. "MOVAC Fund 3 is one of very few funds in the NZ market with capital to invest right now."

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