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US$100 million for software development in NZ

NZ/US consortium earmarks US$100 million for software development in New Zealand

A consortium involving New Zealand and US-based interests is ready to source US$100 million funding for kiwi software development over the next 12-18 months.

The consortium – made up of New Zealand-based Kiwi Growth Partners and Millennium Capital Quest Corporation (MCQC), a US-based merchant and investment banking company that specialises in financing web-based businesses – aims to ease the path of emerging technology companies as they seek to expand.

“We want to help emerging incubators, venture capital houses and technology companies themselves to clear their two biggest hurdles – time and money,” says Kiwi Growth Partners founder Alvin Donovan.

“Our aim is to give them a leg-up in the fast-consolidating technology sector, providing turnkey funding packages which include everything they will need, including technology research and development, conceptualisation, business planning, development, branding, sales and marketing, capital raising and even IPO,” he says.

“Because it is effectively a one-stop-shop venture services provider, this vehicle will move more swiftly than is typical, with decisions made within 72 hours and time to market cut anywhere from 25 to 50 per cent.

“That means sticking to a few criteria: clients will have to have their acts together. Kiwi Growth Partners consortium clients will need to come to the table with at least 50 per cent of their funding already in place.”

Mr Donovan is quick to point out that the consortium’s funding isn’t just there for smaller, developing companies.

“It’s not just start-ups that we can help. We will also be looking to help major kiwi companies with their technology development.”

MCQC brings a lot of financial muscle to the consortium as they operate on a number of levels, bridging and placing offerings of equity and debt, advising firms on direct public offerings and private placements on the Internet, and promoting investment banking/corporate finance relationships with securities firms. MCQC currently maintain an accredited investor database globally numbering 5,000,000, and investor databases numbering 400,000,000 worldwide.

CEO Gregg Nolan says MCQC believes in New Zealand technology and wants to help propel New Zealand technology companies to the $100 million mark.

“We decided to join this consortium because we know that Kiwis are great technology innovators and deserve global recognition,” he says.

“To get the ball rolling, MCQC is providing the Kiwi Growth Partners consortium with a large USD credit facility to the consortium clients’ technology development. We will also assist in all aspects of the companies’ development, from concept, design and development through to HR and Financial Public Relations,” he says.

“We will also arrange for a direct participation offer via the Internet to bring in investors and help them initiate contacts all over the world including China and the Far East.

“We have systems in place that can drastically reduce the amount of time it takes for this kind of growth company to get to market. Those resources will be invaluable," he says.

Mr Donovan says Kiwi Growth Partners are very optimistic about the consortium’s goals.

“Since we deal with a few very large clients rather than a lot of small clients and communicate with them on a daily basis once we get all the documentation we should be able to give an answer within 48 hours. Furthermore, subject to documentation, we should be able to forward to funding in a reasonably short span of time”

The consortium has been welcomed by Hamish Clark of Wellington technology firm IMC2 who says the program is “just what the New Zealand market needs”.

Those comments have also been echoed by Andrea Pettet, CEO of the New Zealand Health IT Cluster.

“Access to investment capital for health IT companies has been a struggle in New Zealand and new funds will be welcomed.”

Potential clients can apply at or find more information about the program at: http://www.kiwigrowthpartners.com

Ends.

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