MOVAC VC finalises $42m fund to invest in NZ companies

21 June 2012

MOVAC VC finalises $42m fund to invest in NZ companies, and appoints US venture partner

Venture capital firm MOVAC has announced the official closing of its third fund, having successfully raised $42 million to invest in New Zealand companies. MOVAC also announced the appointment of Silicon Valley-­based Kiwi Ben Anderson as a venture partner for the Fund.

MOVAC 3 Fund is the first investment fund targeting young growth companies to be raised since 2007, and will invest $1-­5 million in New Zealand companies with an established track-­record that require growth capital to reach their potential. In the past decade, MOVAC has made more than 25 investments in early stage New Zealand businesses, and is best known for being the original investors in TradeMe.

MOVAC Managing Partner Phil McCaw said that the amount raised had exceeded all expectations.

“Since the launch of the Fund in July last year, we’ve raised another $11m from experienced investors, locally and offshore. It’s been heartening to see such enthusiasm for investment in growing New Zealand companies, particularly given the on-­going uncertainty in global markets.

“We’re investing in Kiwi companies that have developed products, have revenues, and now require external capital in order to maximize their growth potential.”

MOVAC also announced the appointment of Ben Anderson as a venture partner for MOVAC Fund 3. Mr Anderson, a New Zealander based in Silicon Valley, is currently a partner with executive search firm Lonergan Partners, and is chair of NZTE’s North American Beachheads Advisory group.

Mr Anderson said that he was delighted to be joining the Fund as a venture partner.

“Kiwi companies wanting to go global must have the team, capital and connections in order to succeed. MOVAC Fund 3 is one of very few funds in the NZ market with capital to invest right now. And as a passionate Kiwi, I’m excited about the role that I can play with MOVAC to grow the next wave of successful New Zealand companies.”

MOVAC Managing Partner Phil McCaw commented, "We're thrilled that we’ve been able to attract someone of Ben's calibre and experience to our Fund team. Ben’s expertise in identifying world-­class talent, his global network of senior executives, and relationships with top tier US investment firms will be invaluable for us as our investee companies grow. Ben will play a critical role in ensuring our bridge between New Zealand and the US is in place.”

ENDS

© Scoop Media