Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sparkbox targets entrepreneurs with NZVIF investment partner

13 February 2012

Sparkbox targets entrepreneurs with NZVIF investment partnership

National angel group Sparkbox Ventures plans to back 20 entrepreneurs over the next five years, following the renewal of its investment partnership with the New Zealand Venture Investment Fund.

The co-investment partnership should see Sparkbox Ventures and NZVIF combining to invest around $10 million in start-up companies over the next five years.

Sparkbox chairman Andrew Duff said they are looking for a new type of entrepreneur able to get Kiwi innovation successfully onto the world stage.

“The traits of this new form of ‘extreme entrepreneur’ are people who are capable, knowledgeable, quick to adapt, able to listen, and can learn from the experience of others. They know how to leverage networks, but are creative and can think outside the box and follow a strategic plan to a successful exit.

“We have previously backed entrepreneurs, like Rod Drury of Xero and Grant Ryan of YikeBike, as well as the new breed of successful Kiwi entrepreneurs, like Brian Ward of Mesynthes and Paul Cameron of Booktrack. With the investment partnership with NZVIF, we want to help find the next generation, and our objective is to back around 20 entrepreneurs over the next five years.

“There are some superb ideas and innovation emerging from our universities and research institutes. The key to turning these ideas into commercial success comes down to entrepreneurial abilities. Building successful innovation companies is about identifying the right person and providing them the necessary support and investment.”

NZVIF chief executive Franceska Banga said the initial investment partnership had seen NZVIF and Sparkbox invest around $7 million into over a dozen companies, helping to fund the growth of promising young technology companies like Mesynthes, BigLittleBang and Booktrack.

“Sparkbox is a very active private group which has been investing for over a decade. They are clearly committed to continuing to be an active part of the seed and early stage venture investment market in New Zealand.

“Through our initial investment partnership, NZVIF committed to co-invest $4 million with Sparkbox. That has so far seen us combining to invest nearly $7 million.

“In order to maintain the momentum of investment into start-up companies, NZVIF is committing to invest a further $4 million with Sparkbox. When that is combined with the private angel investment, we can expect that the renewed partnership should see around $10 million of investment into start-ups over the next four to five years.”

Andrew Duff welcomed the partnership renewal, saying Sparkbox’s focus is on early stage investment to back entrepreneurs in sectors including information and communications technology, material science, cleantech, and medical and diagnostic technology.

“We are seeing a lot of promising start-up opportunities needing investment to research, design and develop technology based products and solutions with the aim of taking them to international markets. We are committed to a strategy of specialising on pre-seed and seed investment where we see attractive investment opportunities.”

About Sparkbox Venture Group:
Sparkbox Venture Group is New Zealand’s leading early stage investor and has been investing in New Zealand innovation companies since 2001. Our sector preference is Information technology, Mobile, Material science, Cleantech, Communications, Medical and diagnostic technology, Internet and the Cloud. Sparkbox Venture Group provides advisory services to help maximise value from New Zealand innovation. Follow us on www.sparkboxventures.com

About NZVIF’s Seed Co-investment Fund (Seed Fund):
NZVIF invests directly into companies alongside pre-qualified private investment partners known as ‘angel’ investor groups. (Angel investors are typically wealthy individuals who invest their own capital into entrepreneurial firms). Angel investors assess investment proposals and decide whether or not to invest with a company. Following that decision, NZVIF, through the Seed Fund, is able to match the private capital invested on a 1:1 basis, up to $750,000 per company. http://www.nzvif.co.nz/seed-co-investment-overview.html

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news