Valar Ventures unveils $32m NZ fund

Thiel, who was also the first outside investor in Facebook, has attracted a $20 million commitment from NZVIF, the New Zealand government's venture capital and seed co-investment arm, and will contribute around $15 million of his own money to the project. The remaining funds will be provided by private New Zealand investors, including investment holding company Rangatira.

Valar, which has been in operation since 2010, supplies growth capital funding to early-stage New Zealand technology businesses to help develop their technology and expand them abroad.

''Alongside a scarcity of investment capital, the biggest challenge facing early-stage New Zealand technology companies is breaking into international markets," commented NZVIF CEO Franceska Banga. "For web-based technology companies especially, the major market is the US."

Earlier this month, NZVIF announced plans to establish a NT$5 billion (US$169.39 million) joint venture fund with Taiwan's National Development Fund.

NZVIF and NDF will contribute equally to the new vehicle, which will target Taiwanese and New Zealand-based early-stage companies principally in the cleantech and biotech sectors. It will also focus on firms in the fields of manufacturing, agriculture and information and communications.

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• Topics
• Venture
• Technology
• Australasia
• New Zealand
• New Zealand Venture Investment Fund
• Fundraising
• Technology