New $40 Million Venture Investment Fund

Thursday, 12 February 2004, 4:05 pm
Press Release: Endeavour i-cap

Please see media release below:

MEDIA RELEASE

NEW $40 MILLION VENTURE INVESTMENT FUND

Endeavour i-cap announced today that it had made a final close of its venture capital fund under a license from the government. Approximately $40 million is now available for investment in NZ based science and technology companies.

Since making the initial close some months ago an additional $10 million has been raised. The Executive Chairman, Neville Jordan, said that institutional support was particularly pleasing. The ACC and Christchurch City Council have both invested in the venture fund along with Ngai Tahu Holdings Group. Endeavour i-cap has also been very well supported by new funds from offshore investors.

Endeavour i-cap is the only venture capital company to now have offices in Auckland, Wellington and Christchurch with full time professional staff in each location. The establishment of an office in a further major city is under discussion.

Several investments have undergone substantial due diligence over the past year or so and Endeavour i-cap will be announcing investments over the next few weeks.

The Managing Partner, Mark Dossor, reports that significant numbers of enquiries for venture funds are being received, covering many exciting areas from very early stage ideas through to product development in well-established companies. Endeavour i-cap has a policy to develop a portfolio spanning this range of investments as long as they are based on science and technology and can be shown to have significant international appeal.

ENDS

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