Venture capital industry ready to accelerate growth
30 May 2019
Venture capital industry ready to accelerate growth ambitions
The budget announcement of a $300m commitment to accelerate ambitions for the New Zealand venture capital industry was welcomed by the New Zealand Private Capital Association and Angel Association New Zealand.
NZ Private Capital Executive Director, Colin McKinnon, said " “It has long been recognised that there is a gap in the market particularly when it comes to accessing capital in the start-up and early growth end of the market.”
“The proposed Government programme is expected to help private investors establish new funds, that will invest in New Zealand's most promising fast-growth companies.”
We acknowledge the success of the Angel Association in developing networks that invest in early stage businesses. Now with this new package announced today, we hope to work alongside the Angel's to build a larger venture capital market for the benefit on NZ entrepreneurs.”
Angel Association Executive Director Suse Reynolds, said: “This is a positive development. There will inevitably be some details to understand to ensure that the programme remains flexible so as to support marketplace innovation. We know there are angel-backed companies ready for venture capital to execute growth ambitions. We look forward to working with the Government and the venture funds to help accelerate the early-stage capital market and support work to match the capital being deployed with the requisite specialised capability.”