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SCIF – angel investment market boost


SCIF – angel investment market boost

The NZVIF Board believes there are numerous innovative and cutting edge early stage business opportunities across New Zealand eligible for seed funding under its new programme – the Seed Co-Investment Fund (SCIF).

The Fund was announced today (18 July) by the Minister of Economic Development. SCIF, an addition to NZVIF’s current responsibility to stimulate investment in the venture capital market, provides $40 million of matched Crown seed funding for co-investment with selected private investor groups in early stage business opportunities over the next 5-6 years.

There is an upper funding cap on each co-investment of $250,000 with a requirement for at least 50:50 matching funding from private investors.

SCIF complements the existing VIF venture capital programme, by focusing on the early stage angel investment market. SCIF will partner with active and experienced angel investor groups and invest alongside them into innovative New Zealand businesses.

The VIF programme has had great success building a platform under the domestic venture capital market by providing, alongside matching private investors, funding to the tune of $56 million across 24 companies in the last 3 years.

Our networks, knowledge, skills and systems have refined over that period to provide a strong prudential approach to investment in an inherently high risk investment stage,” said Franceska Banga, NZVIF Chief Executive.

SCIF provides NZVIF with a different challenge, particularly in scale. The SCIF funds are designed for young innovative enterprises at the beginning of the business and investor partner journey:

businesses or proposals looking for professional development;
early stage businesses looking for seed funding to enable growth and draw investors;
early stage (technology especially) businesses in need of specialist skills to move ahead;
and
eligible early stage start up businesses requiring investment.

“Our experience already demonstrates what early stage entrepreneurs can do with the right capital injection at the right time.

1 NZVIF is the Government initiated New Zealand Venture Investment Fund. Formed in August 2001 to increase the supply of capital to innovative young companies and to accelerate the development of the NZ venture capital market, NZVIF has built a respected storehouse of knowledge, systems and networks.

NZVIF’s key challenge will be to apply our experience to a wider range of early stage investment opportunities and give our entrepreneurs and investor groups the chance to capitalise on their talent and innovation,” Banga added.

NZVIF hopes to make its initial SCIF fund co-investment commitments by July 2006.


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