Angel investor launches in New Zealand
Richard Coon, a director and co-founder at private equity-backed New Zealand insurance provider Partners Life, has launched a new domestically facing venture group known as Angel Investors Marlborough (AIM).
AIM currently comprises 30 members, all of whom qualify as wholesale investors. It will work closely with a local government mentorship program and make individual deployments in the range of NZ$50,000 to NZ$1 million ($36,600-$730,000). It will primarily target start-ups in the country’s Marlborough region, but other New Zealand and international opportunities will also be considered.
"I know how important it is to be able to raise capital in an early stage company - and it's really hard," Coon told local media. "You can go and see your friendly bank manager and, if you've got a really valuable house, they might lend you something on it, but they're not going to invest in a new business."
New Zealand’s angel market is considered a critical part of the local venture ecosystem, which is often characterized as being highly reliant on high net worth individuals. According to government data, angel investment in the country during 2016 amounted to a record NZ$69 million. This compares to NZ$61.2 million in 2015 and about NZ$56 million in 2014.
Other recent activity includes Auckland-based Ice Angels raising a NZ$10 million fund that is expected to support 25 companies. Last year, Enterprise Angles committed to investing about NZ$20 million in local start-ups alongside a government-sponsored fund-of-funds.
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