New Zealand's Pan Pacific, Taiwan to set up $40m cross-border fund
Taiwan’s state-run Institute for Information Industry (III) and New Zealand-based Pan Pacific Capital have formed a $40 million venture capital fund, with a view to promoting cross-border deals and expanding bilateral cooperation.
According to III, the fund focus on nurturing Taiwanese digital content start-ups, such as animation companies, and turning them into global players.
The government wants to help local digital players attract foreign investments and scale up their business, said an official from the Taiwan Industrial Development Bureau (TIDB), part of the Ministry of Economic Affairs.
Pan Pacific wants to support the worldwide expansion of its portfolio companies through networks in each key Asia Pacific region. Its offices are located in Silicon Valley, Los Angeles, Shanghai, Taipei, Sydney, Singapore, Kuala Lumpur and New Zealand.
Over past 30 years, Taiwan has backed 14,000 venture investment projects, committing more than NT$260 billion ($8.66 billion), according to the TIDB. The bureau wants to attract NT$100 billion of new investment in Taiwan's digital content industry in 2013, taking revenues to NT$780 billion.
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