Young Entrepreneurs Can Pitch For $1million In Startup Funding

AUCKLAND, New Zealand, 16th May 2022 - Icehouse Ventures’ ‘First Cut’ Fund invites young entrepreneurs with promising startup ideas to apply to its First Cut Startup Challenge for the opportunity to pitch to investors for up to $1m to grow their business.

Entries open today as Icehouse Ventures announces it has raised more than $5M for the third First Cut fund which is completing a final close. The fund will invest in 30 youth-led startups over the next four years, demonstrating the growing interest in backing emerging entrepreneurial talent.

Now in its seventh year, the aim of the First Cut Startup Challenge is to identify and support young, first-time entrepreneurs launching global businesses from New Zealand.

To enter, entrepreneurs under the age of 30 must register their interest on the Challenge’s website before 27th June. They then have until 1st July to submit a pitch deck.

Accompanying the Challenge is a nationwide “Startup Speaker Series” to be held on university campuses from 16th May where aspiring entrepreneurs can learn about starting a company and ask questions of New Zealand’s top entrepreneurs who launched their startup in their late teens or early 20s.

Speakers include Fia Jones, Founder of satellite company Astrix Astronautics, Leila Deljkovic, Co-Founder of agricultural monitoring software Cropsy Technologies, and James Powell, Co-founder of space tech company Dawn Aerospace.

MC’d by members of the Icehouse Ventures team the events are hosted in partnership with Red Bull, which supports student entrepreneurs and innovators through a global “Red Bull Basement” programme.

Previous winners of the First Cut Startup Challenge who have gone on to raise significant amounts from local and international investors include Ben Reynolds and Michael Prendergast, co-founders of alternative commentary platform Spalk; Craig Piggott, founder of smart cow tracker Halter; and Emily Blythe, founder of fog dispersal system Pyper Vision.

The 2022 First Cut Challenge is led by Steph Benseman and Mason Bleakley, who were teens when the challenge was formed in 2016.

“Growing numbers of young people see entrepreneurship as an exciting and viable career path,” says Steph, who founded her first company at 17 and spent her early career supporting young entrepreneurs through the school-focussed Young Enterprise programme. “Today’s youth want to lead a life with purpose that tackles some of our most pressing social and climate issues. They see starting a company as the best way to do this, and believe it is the pathway to a more sustainable and prosperous lifestyle.”

Emily Blythe, founder of Pyper Vision, says “As a first time entrepreneur, I’ve valued having a partner like Icehouse Ventures. They hosted me at their Showcase, supported me with First Cut, led my $700k seed round, and helped me connect with key target customers.”

Mason says the First Cut Fund is part of an ecosystem that is evolving around young New Zealand founders. “Investors recognise that entrepreneurs under 30 see the challenges and opportunities facing the world in a unique way, and there is a real desire to accelerate these ideas and energy. The Fund’s initial investments and the experience of the First Cut Challenge are helping us build the expertise and networks to support emerging entrepreneurs seeking capital.”

First Cut Startup Challenge finalists will present to the Icehouse Ventures judging panel in July. The winner will be announced on 25th July and invited to present at the annual Icehouse Ventures Showcase, attended by more than 1,000 investors at Spark Arena on 25th August.

In 2017, the second First Cut fund invested in 17 young founders who now collectively employ over 600 FTEs, generate more than $50m in revenue, have raised $200m+ in capital and value at over $900m.

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