Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Huge Investment In Home-grown Kiwi Tech Companies

The covid pandemic cannot stop the substantial growth in New Zealand tech investments.

NZTech chief executive Graeme Muller says investor confidence is at an all-time high despite key areas of the country remaining on alert due to covid.

The growing number and variety of capital raises over the past couple of years is demonstrating the growth and maturity of the NZ tech sector, he says.

Wellington’s Weta Digital has sold their digital business unit to Unity, the platform used by game developers throughout the world for $2.3 billion.

“From raises of seed investments in double digit millions and a regular flow of Series A venture capital investments all the way to billion dollar merger and acquisitions and initial public offering deals.

“Each one of these deals bring cash back into the New Zealand tech sector which is predominantly invested in people to help these companies grow.

“These investments mean hundreds of new high value jobs and research shows that for every one of these new tech jobs, almost five other jobs are created in other sectors to support this growth.

“People are the critical success factor so not only do we need to invest more to encourage Kiwis into tech careers, but we need to be able to compete internationally for the best talent.”

The investments in Kiwi companies are proof points that high value tech is being made in New Zealand, as does the recent merger and acquisition activity including:

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

• Christchurch based Seequent, geoscience big data analysis software, $1.05 billion

• Dunedin-based Education Perfect education technology leader, $435 million

• Cloud based retail point of sale system, Vend, $455 million

• Mobile gaming firm, Ninja Kiwi, $203 million

• And last year, Transaction Global Services (now called Xplor), a transaction and business management software system for gyms and childcare, for more than $1 billion

Muller says these investments in New Zealand tech firms are a sign of a healthy and growing domestic tech ecosystem.

“The one sticking issue is the border settings, which unfortunately create a situation where quite a bit of this funding will have to be used to create jobs overseas rather than new jobs in New Zealand.

“The tech sector is working with government to improve access for tech visas, but the fear is it will be too little too late.

“It is hard to bring jobs back into New Zealand once these high growth firms have set up research and development teams in other countries.”

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.