NZVIF, Taiwan's NDF to anchor another VC fund

The Global from Day One Fund II - which primarily targets New Zealand-based start-ups - has raised NZ$30 million ($19.3 million) towards an overall target of NZ$45 million. It is managed by Sparkbox Ventures and Pinehurst Advisors, from New Zealand and Taiwan, respectively.

The managers have contributed about 20% of the capital raised so far, with the rest coming from private investors in New Zealand, Taiwan, Singapore, Hong Kong and the US.

The fund will invest in companies operating in the software, internet and smart devices spaces, deploying $250,000 to $1.5 million in pre-Series A and Series A rounds. The Global from Day One team, which prior to this fund was a New Zealand seed program, has previously backed the likes of software developer Puteko, filtration technology specialist Hydroxsys, and travel booking site Travelmob.

The new fund is intended to fill the Series A gap in New Zealand, where it will join existing players such as Movac and GRC Sinogreen.

"From a New Zealand Inc perspective, one of the chief benefits of the partnership that NZVIF has with Taiwan's National Development Fund is that it opens access to new networks and markets for fund managers and the high growth companies they invest in," Franceska Banga, CEO of NZVIF, said in a statement.

This is the second vehicle to receive joint backing from NZVIF and NDF after GRC Sinogreen. The two LPs anchored a $75 million first close in August 2014 against an overall target of $100 million. The original manager, Pan Pacific Capital, merged with GRC Managers subsequent to the launch in 2013. The fund recently received a commitment from Evonik Venture Capital, a unit of German industrial group Evonik.

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