No 8 Ventures 2002 Fund reach agreement with VIF

29 August 2002

For immediate release

No 8 Ventures 2002 Fund reach agreement with VIF

Jenny Morel, director of No 8 Ventures 2002 Fund, is pleased to announce today that
No 8 Ventures has reached formal agreement on the term sheet with the government's $100m Venture Investment Fund.

"We still need to complete the full documentation but this crucial agreement clears the way to progress equity raising and we expect to conclude a first close of at least $20m within a few weeks. This will be made up of a number of investors from our first fund, other wealthy individuals and at least one institutional investor," Jenny Morel said.

This is No 8 Ventures second fund. The first fund, raised in 1999, is fully invested in nine New Zealand technology companies, including the Tacit Group Limited and PayGlobal Limited. Both these companies have recently received significant additional investment on valuations well above those of No 8 Ventures’ initial investments and expect to list on international exchanges within two years.

No 8 Ventures - 2002 Fund is a venture capital fund which gives investors an opportunity to participate in the growth of technology companies in New Zealand. Jenny Morel said the company has a very active management style, seeing its role as nurturing the growth of the companies it invests in. This includes helping to form boards and management teams, development of marketing strategies, forming key relationships for the companies, and generally doing whatever needs to be done to help the companies grow.

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