15 July 2011

NZVCA applauds MOVAC venture capital launch

New Zealand Private Equity and Venture Capital Association applauds the launch of the MOVAC $30 million venture capital fund this week.

NZVC Executive Director, Colin McKinnon said that it had been a four years since NZVCA welcomed a new fund to the venture capital market.

“The NZVCA Monitor results from 2010 showed that the early stage venture capital sector had seen good investment activity from angel investors and international venture capitalists. But New Zealand entrepreneurs had been starved of capital from domestic venture funds in the $2-10 million ranges.

“Our expectation of renewed fundraising activity at the venture capital level followed the Government’s decision to provide a $40 million underwrite enabling the New Zealand Venture Investment Fund to commit to new funds. The Government continues to support the world-class infrastructure established in New Zealand.

“The MOVAC success demonstrates that investors are beginning to see early stage growth markets with improved prospects.

NZVCA is encouraged that other new funds may be in the pipeline to meet the need of successful entrepreneurial firms attacking global markets from New Zealand.

ENDS

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