A launch event was held for the Elevate NZ Venture Fund last night in Auckland, with three government ministers present and many of New Zealand’s early-stage investors represented. This is the $300 million early-stage intervention that was announced in the Budget last year, and the government is hoping that it will help supercharge the hunt for unicorns.
At the event, Phil Twyford said: “New Zealand has averaged around one new unicorn a year – a technology company with a market valuation of a billion dollars-plus – through the likes of Xero, Lanzatech and Rocket Lab. As more capital becomes available, we want to see more of these new companies emerging.”
The event also revealed a new name for NZVIF, which will now be the New Zealand Growth Capital Partners. The name points towards the co-investment approach used, either as direct investments into start-ups or with a fund-of-funds model, where NZGCP deploys capital into other investment funds.
You can read more here: https://www.stuff.co.nz/business/120014084/governments-300m-venture-capital-fund-seeks-unicorn-technology-companies
or the official press release: https://www.scoop.co.nz/stories/PA2003/S00033/elevate-nz-venture-fund-to-lift-productivity.htm