New Zealand's GD1 backs tech fund, incubator

Phase One describes itself as an early-stage founder community that provides access to operational expertise in areas such as product-market fit, strategic decision-making, and connections with later-stage VC investors, in addition to funding. It is led by Mahesh Muralidhar, an entrepreneur formerly with Canva, Simply Wall St, and Airtasker.

“I have seen firsthand the impact that Mahesh and the Phase One team have had with their initial cohort of companies, and how the incubator programme is a distilled and concentrated pathway to supercharge the earliest segment of the New Zealand start-up ecosystem through its differentiated and no-fluff approach,” Vignesh Kumar, a managing partner at GD1, said in a statement.

The idea of the partnership is to address perceived gaps inherent in traditional incubation, programs including access to experienced product and growth operators globally and the cultivation of what Phase One calls a “culture of customer and problem obsession.” The target size of the associated fund has not been disclosed.

“This isn’t a one-size-fits-all, three-month solution. We’re aiming to build very deep relationships over a year plus of intensive focus. When something goes wrong, or when it goes right, we want the founders to have their mentors on speed dial, to have the kind of relationships that see them call in for coffee, sit at the kitchen bench and talk through sticky issues,” Muralidhar added.

Earlier this month, GD1 launched what it called the first dedicated crypto and web3 fund in New Zealand. That fund, which is targeting USD 5m, has received LP commitments from of Coinbase, Reddit, Patreon, Yat, and Artblocks, with first close is set for June.

GD1, also known as Global From Day One, has raised three generalist technology funds, the most recent of which closed on NZD 130m (USD 84m) last year. Much of its mission statement is about helping New Zealand start-ups access international markets through network connections across the US and Europe. It has USD 230m in assets under management.

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• Topics
• Australasia
• Fundraising
• GPs
• Venture
• Technology
• Early-stage
• New Zealand
• seed