NZVIF calling for more co-investment partnerships
Media Release – September 4th 2006
NZVIF calling for more co-investment partnerships to help nurture high growth potential companies
Following the signing of the first four partners for the Seed Co-Investment programme, NZVIF is ready to meet with other potential co-investors The New Zealand Venture Investment Fund (NZVIF) announced today that, following the selection of its first Seed Co-Investment programme partners to co-invest into high growth potential New Zealand businesses, it is already starting to look for new coinvestment partnerships.
Chief Executive of NZVIF Franceska Banga said, “The first partners for our portfolio are an important building block, however we need even more co-investment partners to provide capital and expertise to high growth potential New Zealand businesses that might otherwise struggle to attract funding. As of today we are calling for applications for additional co-investment partnerships."
The first four co-investment partnerships announced this week are:
1. ICE Angels - formed in December 2003, and part of the Auckland based ICEHOUSE, their investment focus is primarily on ICT, Media and Life Sciences
2. Sparkbox Ltd - established in June 2001, it has invested approximately $1.5 million in seven companies. Sparkbox only invests in ICT start-up companies.
3. Powerhouse Ventures Ltd is a Christchurch based, angel investment group. It is a wholly owned subsidiary of Canterbury Innovation Incubator (Cii)
4. Chrysalis Ventures Ltd is a newly formed entity that intends to focus on life science opportunities in Agbio and medical/veterinary devices Banga said, “These first four partners feature a number of successful and well known angel investors who have not only succeeded in the New Zealand business environment, they have also built their own world-class companies. Their active investment will be invaluable to young New Zealand businesses just starting out on their own journey."
The co-investment partners will make the investment decisions while NZVIF will provide matching capital and broad industry and investment knowledge.
Banga added, “With the announcement of these first partnerships the Seed Co- Investment Fund and its partners can begin co-investing in earnest. Any young and innovative companies who are interested in investment capital and the hard-won