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NZVIF, Enterprise Angels to invest $14m in NZ start-ups

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The New Zealand Venture Investment Fund (NZVIF), a government-sponsored fund-of-funds, and domestic investor Enterprise Angels plan to commit about NZ$20 million ($14.3 million) to local start-ups over the next four years.

It follows a renewal of a co-investment agreement between the two parties signed in 2011, which has so far deployed NZ$21 million in local technology companies alongside other private investors. The renewed partnership is expected to focus largely on agricultural technology companies.

"The government's support for early stage investing through NZVIF is playing an important role in the growth of the angel investment sector in New Zealand," Bridget Unsworth, NZVIF's investment director, said in a statement. "What we are seeing in the Bay of Plenty and Waikato - with entrepreneurs, universities, CRIs [crown research institutes], business incubators and accelerators, and the investment community working closely together - is indicative of that. Hopefully the momentum achieved over the past few years will keep building."

NZVIF has been active this year in a recent spate of domestic fundraising activity. The fund has recently invested NZ$20 million in Movac's fourth fund and participated in a NZ$30 million raise for the second vehicle managed by Global from Day One. It also appointed Richard Dellabarca as CEO in May, replacing Franceska Banga, who had filled the role since 2002.

Enterprise has backed about 50 companies since 2008, with a focus on IT investments in agriculture, food, horticulture, life science and biotech fields. It is currently investing out of its second fund, which has raised at least NZ$2 million.

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