New Zealand may be a remote island nation down under, but its burgeoning startup scene is one to look out for. Despite its small size and developing capital market, startups hailing from New Zealand have defied constraints in gaining access to funding. The country has a track record of producing global companies, with notable names such as Rocket Lab, Aroa Biosurgery, and Xero. These exits garnered significant interest from both domestic and foreign investors, leading to more putting their eggs into the basket of early-stage New Zealand startups.
Aside from the rising venture-building and funding activity in the region, the strong sense of community, a business-friendly regulatory environment, and a high-quality lifestyle make up some of the reasons why New Zealand is attractive for startups and investors alike.
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Over the past two years, New Zealand's startup scene has seen record growth in venture and early-stage investments as well as the amount of capital invested, according to the latest Startup Investment report from PwC and the Angel Association (AANZ). Despite the pandemic, $158 million were invested into 108 deals in 2020, the third year of more than 20% year-on-year growth in dollars invested.
Starting off strong, the first half of 2021 also recorded 66 deals and nearly $60 million invested in the ecosystem; a 60% increase in deal volume and an 80% increase in dollars invested compared to the same period in 2020. And this is not slowing down anytime soon.
With the uptake of investments from both the government and investors, it has become increasingly easier to access early-stage venture capital funding. More follow-on capital has also been churned than ever before, portraying a bright and hopeful future ahead for startups in the country as they scale, grow, and hopefully exit - making New Zealand a favorable place for startups to raise funds. In this article, we have prepared a list of VCs and Angel Investors in New Zealand to help founders navigate their options. But before that, let's clarify some definitions.
What's the Difference Between an Angel Investor and a Venture Capital Fund?
With the same activity of providing funding and assistance for startups' growth, you might wonder which investor you should approach for your capital needs. Knowing the difference between angel investors and venture capitalists will help you decide which option is best for your company.
Angel Investors: They are individuals who invest their own money in exchange for a share in your business, either individually or collectively as part of an angel group. As such, the investment value is typically lower than the amount you can get from a venture capitalist. Oftentimes, they also provide mentorship and advice as they tend to come from a business background and have some expertise in their fields. Thus, they are more suitable for and tend to invest in businesses at earlier stages.
Venture Capitalists: They are professional investors using money pooled from other people to invest as part of a managed fund. As such, the investment value is usually much larger than angel investors, in exchange for a much bigger share in a company. They invest in both early and later-stage startups, with the potential to continuously engage in follow-up rounds. Thus, they are more selective in finding businesses that have a clear competitive advantage and growth potential.
Venture Capitalist Funds in New Zealand
The venture capitalist funds below are actively looking for investment opportunities in diverse sectors and at different stages. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed. All quoted investment ranges are in NZ Dollars unless otherwise stated.
Type: VC
Stage: Pre-Seed, Seed
Investment Value: $100,000 - $3 million
Focus: Medical Devices & Diagnostics, Advanced Materials, Energy, Industrial Chemistry, Biotech, Aerospace
Based in Aotearoa New Zealand, Outset Ventures is the home for deep technology innovations; providing investment, space, and support for early-stage ventures at the forefront of the new future. They love to get to know all the technical details of the technology you're building. To help your idea get off the ground, you can make use of their lab facilities that will support your R&D activities, working alongside a community of 20+ deep technology startups in residence. They have given rise to companies such as Rocket Lab, LanzaTech, Mint Innovation, and Pictor. To join, you can send them a pitch deck, cold email them, or get introduced by a community member - either way, you'll be able to meet the Outset team and get your idea checked out.
Type: VC
Stage: Pre Seed, Seed, Series A, Series B, Series C
Investment Value: $50,000+
Focus: Sector Agnostic
Backing brave kiwi founders since day 1, Icehouse Ventures will invest from pre-seed through to IPO with $250 million in assets under management. They look for founders with deep domain expertise with the goal to build industry-disrupting global companies, particularly startups in the tech space. They believe in founders' capabilities in decision-making and they do not perceive themselves to have special abilities to set the strategy or be a board member that must "chip in", so you'll have control over your business operations. As part of their portfolio company, you'll receive resources in the form of access to a wide network of portfolio companies and investors for all kinds of requests, such as talent acquisition, guidance, follow-on capital, insights, introductions, and feedback to help your company compete and win. Amongst their portfolio are PowerbyProxi, FirstAML, Narrative, Halter and Sharesies.
Type: VC
Stage: Pre Seed, Seed, Series A
Investment Value: US$500,000 - US$13 million
Focus: Technology
Sparkbok Venture Group is New Zealand's leading investor in high-growth technology companies across the Asia Pacific region. To date, they have 3 funding programmes available: GD1 Seed, GD1 Fund II, and Sparkbox Investments. Each of the funds invests in different stages of the venture - GD1 Seed for New Zealand-based pre-seed companies with defendable intellectual property, and GD1 Fund II for Series A ventures that have proven business models and is global-ready. Sparkbox is a cornerstone investor in GD1 Fund II. Their portfolio highlights are Texus Fibre, APIMatic, Mish Guru, Xero, and Auror, amongst many others.
Type: VC
Stage: Seed
Investment Value: $1 million
Focus: AgriTech, FoodTech
Is your product ready for the market? If yes, then Sprout would love to offer up to $1 million of seed funding to promising New Zealand-based agritech and foodtech ventures. Aside from capital, you'll also benefit from their global network of partners and investors, assistance with capital raising up to Series A, assistance with building a world-class team, mentoring from entrepreneurs with company building and exit experience, and a long-term partnership with Sprout. Their portfolio companies include Scentian Bio, ProTag, and Menu Aid. To get access to the fund, you'll have to join and complete their accelerator program, or you can also try to pitch for investment through their website.
Type: VC
Stage: Seed, Series A
Investment Value: US$7 million - US$11 million
Focus: Advanced Manufacturing, Green Energy, Advanced Materials, Electronics & Photonics, Biotech & Medtech, Robotics, A.I. & Blockchain
Bridging New Zealand's leading entrepreneurs to the global markets, Nuance Capital brings Kiwi solutions to solve global problems. They invest in people over ventures, handpicking entrepreneurs that have the capability to build exceptional teams, products, and services, are passionate about solving hard problems, are creative, confident, and self-aware, and are chasing the global market. To accelerate growth, they provide market access to global industry channels spanning Southeast Asia, Europe, the Middle East, and the Americas. They have the right relationships and knowledge to provide Kiwi founders with the strategic market access, deal flow, and resources they need. Some of their portfolio companies are Easy Crypto, Energy Bank, UBCO, and Quantifi Photonics.
Type: VC
Stage: Seed, Series A
Investment Value: ~$1 million
Focus: Artificial Intelligence, AgriTech & Food, MedTech, Automation, Engineering, Sustainability
From the garage to greatness, WNT Ventures believes in and invests in ambitious, deep tech founders. They are passionate about founders solving global problems by commercializing complex deep technologies in the fields of research, science and innovation. In particular, they are looking for pre-revenue companies that have defensible intellectual property serving global markets. Alongside capital, founders can also get hands-on support in the form of pre-incubation funding grants, incubation programs, and resources such as guides, tools, and templates. Their portfolio companies include a wide range of sectors, some of which are Mastaplex, Sortify.tm, CarbonCrop, and many more.
Type: VC
Stage: Seed, Series A
Investment Value: ~$1 million
Focus: Child Health
As the name suggests, Cure Kids Ventures is an early-stage investment firm that invests in children's healthcare innovations. They are owned by Cure Kids Foundation, New Zealand's largest private funder of child health research with deep links to universities, research institutes, and organizations. Since 2008, they have invested in over 15 companies with products and services covering medical devices, medications, diagnostics, health information, and healthcare delivery systems. Amongst which, 4 have gone on IPOs and $23 million was received from notable exits such as Syft Technologies, RespirAq, Adherium, and Living Cell Technologies, among others.
Type: VC
Stage: Seed, Series A
Investment Value: US$300,000 - US$16 million
Focus: Science & DeepTech
Matū is a VC that invests in scientific and technological ideas at the earliest stages of commercialization, providing both financial and intellectual capital through a hands-on, active approach. As former researchers and experts in science and technology, they have the knowledge to turn scientific ideas into globally focused, IP-rich companies. Matū provides its portfolio companies with active business support including expert governance, executive management, strategy, intellectual property, capital raising, operational support, and mentorship. Their 16 portfolio companies collectively have 50 patents filed and over NZD$103 million in financial capital raised. Their portfolio includes Mekonos, PowerOn, Alimetry, RosterLab, CellCo, and many more.
Type: VC
Stage: Seed, Series A
Investment Value: $200,000 - $2 million
Focus: Social Impact
With the intent to make the world a more compassionate place for humans, the planet, and the life we share it with, Soul Capital invests in entrepreneurs and enterprises that are tackling social and environmental problems. Working towards a more inclusive and sustainable economy, they take an impact-first approach to invest; meaning they are more interested in the social, environmental, and cultural impact created by the ventures before seeking a financial return. They run two impact investment funds, one of which is open to investing in new opportunities, named Te Pae ki te Rangi which translates to "from the horizon to the heavens", referring to the ambition of those they invest in. They primarily invest in organizations based in or creating value for, Tāmaki Makaurau (Auckland) and Te Taitokerau (Northland). Amongst their portfolio is For The Better Good, Narrative Muse, Kara Technologies, and Localised.
Type: VC
Stage: Seed, Series A
Investment Value: Not disclosed
Focus: Social Ventures
Jasmine Social Investments is a foundation established by Sam Morgan following the sale of Trade Me to Fairfax in 2006. The investment firm seeks to invest in high-performing social ventures who are solving the basic need of the very poor. Particularly, their areas of interest include health, education, better livelihoods, and environmental stability in Africa and South Asia region. They provide results-oriented funding in the form of grants, equity, and debt, as well as unrestricted and long-term funding to ventures that have the potential for impact. Their global portfolio includes Babban Gona in Nigeria, Food 4 Education in Kenya, and Integrate Health in Togo, whilst their domestic portfolio includes The Cacophony Project, Te Manahuna Aoraki, and Kiwi Harvest.
Type: VC
Stage: Seed, Series A
Investment Value: US$500,000 - US$7 million
Focus: Technology
With the intent to help ventures get global from day 1, GD1 VC will help founders to dream big and believe bigger, and executive this belief effectively towards the global stage. As part of their portfolio, startups will gain access to the world's leading global technology hubs and extensive global connections to support entry to global markets. They also have in-house advisory experts that specialize in each aspect of the growth journey, from raising capital to go-to-market strategy and operational excellence. Amongst their portfolio companies are Biolumic, Modlar, Formus Labs, Syndicate, and more.
Type: VC
Stage: Seed, Series A
Investment Value: ~US$3 million
Focus: Technology
From exited entrepreneurs turned investors, Goat Ventures are an active early-stage VC firm that has acquired portfolio companies across a variety of industries. They have 3 core principles, which are: to deploy capital and experience to help scale early-stage startups, to create companies with embedded novel tech IP, world-class teams, and Fortune 500 partners, and to benefit the entrepreneurship, R&D, academic, and venture capital ecosystem. They have participated in the pre-seed and seed rounds of portfolio companies such as Nestcoin, Defy, Doorbell Health, CoreCare, and Insite AI.
Type: VC
Stage: Seed, Series A, Series B
Investment Value: $250,0000 - $50,000,000
Focus: Enterprise, Deep Tech, Healthcare, Hardware, Education, Consumer
Blackbird Ventures is a VC that invests in companies, not rounds, and will support founders from the beginning to every stage of the startup journey. They are dedicated to supporting founders from day 1 - providing resources, community, networks, and programs to amp up founders' success. Founders can get 1:1 support and introductions, specialist advice, vetted talents, and access to their portfolio of 100+ companies that share advice, learnings and resources - from salary benchmarking to profit margins. Their notable portfolio companies are Canva, Safety Culture, Culture Amp, and Propeller, of which they have participated in multiple funding rounds from the earliest stages to the growth stages.
Type: VC
Stage: Seed, Series A, Series B
Investment Value: $2 million - $20 million
Focus: Technology
Believing that it takes a village to raise a business, NZ Growth Capital Partners partners with other investors to back Kiwi innovators and ventures. They have 2 funds in operation: Aspire NZ Seed Fund and Elevate NZ Venture Fund. The Aspire fund invests directly into early-stage New Zealand-based tech startups, whereas the Elevate fund is a fund of funds that invest directly into venture capital firms for high-growth NZ tech companies at Series A and B. They have numerous portfolios across diverse sectors, some of which are Narrative, Aroa, Tracplus, Bison, Biolumic, and more.
Type: VC
Stage: Seed, Series A, Series B
Investment Value: US$300,000 - US$14 million
Focus: Technology, SaaS
Punakaiki Fund is a VC fund that brings 3 values to the table: years of experience, evergreen, and retail investors. They are one of the only three venture capital firms that have been active for over 8 years in New Zealand, making their first investment in early 2014 and having over 120 investments into over 30 companies ever since. They are an evergreen fund that raises capital as they go, in which they invest in new ventures and existing companies through multiple rounds. Finally, they have over 1,000 small, medium and large investors, assisting portfolio companies with their own listing in local markers. They have hands-on experience in raising capital themselves through 8 retail offers and multiple wholesale offers, thus they have extensive experience in assisting companies through NZTE programmes and beyond. Their portfolio companies are Conqa, Core Schedule, Mobi, Orah, RayGun, Weirdly, and more.
Type: VC
Stage: Seed, Series A, Series B, Series C
Investment Value: US$2 million - US$15 million
Focus: Climate, Frontier
To accelerate the world to a better future, Aera VC invests in founders with breakthrough ideas at the forefront of deep technology and sustainability. They invest in early to growth stage companies globally in two verticals: Climate and Frontier. They seek climate solutions and technology to reverse climate change and frontier technologies in human development. Some of their portfolio companies are 54 Gene, Aqua Cultured Foods, AstroForge, CarbonChain, and many more.
Type: VC
Stage: Seed, Series A, Series B, Series C
Investment Value: US$2 million - US$31 million
Focus: Sector Agnostic
Movac is a full lifecycle technology investor with an interest in tech teams solving tough problems in big markets. With their international connectivity, functional expertise, and years of collective experience in commercializing and growing businesses, they will support founders in capacity building and capital strategy to become a global leader within their field. To date, they have 5 funds with over $150 million invested in 35 investments. Their portfolio companies are Atomic, Miruku, ZeroJet, Evnex, and Trademe, to name a few.
Type: VC
Stage: Series A
Investment Value: US$1 million - US$4 million
Focus: Clean Energy, Agriculture, Technology, Education, Sustainable Food Production, Healthcare
Impact Enterprise Fund NZ is New Zealand's first domestically focused impact investment fund. They provide growth capital to businesses that deliver tangible social and/or environmental impact along with strong financial returns. Alongside the investment, they will also provide operational and strategic expertise, best practice governance and reporting processes, access to domestic and international networks, an increased profile, and potential for follow-on investment to portfolio companies. In turn, they seek New Zealand ventures that have a validated business model, a measured and deep impact model, and a highly scalable growth plan. To illustrate, some of their impactful portfolio companies are Carbon Crop, Cropsy, Learn Coach, Grounded, Waikaitu, and Tether.
Type: VC
Stage: Series A
Investment Value: US$1 million - US$5 million
Focus: Deep Tech
Pacific Channel invests in science and advanced engineering deep tech companies that are solving global challenges and creating meaningful global impact and value. They are a thematic investor that is particularly interested in novel technology companies working in the areas of improving the quality and length of life, the future of food, transitioning to a sustainable economy, and automation and industry 4.0. Their portfolio companies are Cetogenix, Tectonus, Nanobubble AgriTech, and SciTox, amongst many others.
Type: VC
Stage: Series A
Investment Value: US$500,000 - US$6 million
Focus: Electrification & Decarbonisation, Next Generation Computing, Space Technologies, Healthcare Technologies
Believing in technology as an enabler to a greener, healthier, and more aspirational future, Powerhouse Ventures invest in deep tech innovators with sustainable IP moats solving global challenges. Beyond capital deployments, they add value to companies through their expertise in frontier technologies and capabilities in an active commercial role. Some selections of investments in their portfolio are Liquid Instruments, Urbix, Quantum Brilliance, and Skycraft.
Angel Investors in New Zealand
The Angel investors listed below are part of and represented by an Angel syndicate. As individual Angel investors are hard to come by, these platforms are the best place to secure Angel financing.
Type: Angel Platform
Stage: Stage Agnostic
Investment Value: -
Focus: Sector Agnostic
New Zealand Investment Network is an angel platform that connects entrepreneurs with angel investors. Founders can sign up to the platform and create a pitch, which investors can browse through and invest in if they're interested. Founders can also do an investor search and proactively connect with angels that suit them in terms of investment value and areas of expertise. To date, there are over 300,000 angel investors on the platform with over $400 million raised by the members.
Type: Angel Group
Stage: Seed
Investment Value: $25,000 - $250,000
Focus: Sector Agnostic
Established in 2003, Ice Angels is a network of over 200 angels hailing from backgrounds such as entrepreneurs, corporate executives, and professional investors. To date, they have invested in 204 portfolio companies with over $147million funds invested, making them one of the most active angel networks in New Zealand. They invest collaboratively in early-stage companies and exceptional teams that exploit global opportunities. Their portfolio companies come from a diverse range of sectors, some of which are Wine Grenade, Biomatters, Adherium, Dexibit, and more.
Type: Angel Group
Stage: Seed, Series A
Investment Value: $250,000 - $1 million
Focus: Sector Agnostic
Angel HQ is a network of Wellington-based angel investors investing and developing promising New Zealand businesses. With 90 members, they have invested $32 million in 110 companies; among which are Ordamatic, Catalist, Roadguru, Homear, and Decima. Their funding criteria include companies that are looking for investment between $50,000 to $1 million, have a product or service that can achieve rapid adoption in large markets, and have a compelling, well-articulated strategy for capturing and defending a significant market share. As such, prospective companies need to consider barriers to entry, team, exit strategy, angel investors' role, and valuation before pitching to the network.
Type: Angel Group
Stage: Seed, Series A
Investment Value: US$1 million - US$10 million
Focus: Sector Agnostic
Enterprise Angels is an angel investment network and a wider community of nationwide wholesale investors. Their angel investors are predominantly located in the Bay of Plenty and the Waikato, with an extended nationwide database of investors from a broad range of skills, expertise, and contacts. To get funded, founders only need to provide them with a summary of the offer and information as required by their template, and the team will be in touch if they see the opportunity may appeal to their investors. In particular, they are looking for companies that have unique products or services (preferably with IP), the potential to scale internationally, and are based in New Zealand. As of August 2022, they have 200 members that have invested $62.6 million in 106 startups. Their current portfolio consists of Argo Navis Aerospace, Blackcurrent, EasyCrupto, Foundry Lab, and others. They also have positive exits such as Engender, OneSixOne, and Volpara.
Type: Angel Group
Stage: Seed, Series A
Investment Value: $500,000 - $1 million
Focus: Sector Agnostic
Flying Kiwi Angels is an active angel investment network that funds seed to growth stage ventures, either individually or collectively through syndication. They have 63 active FKAngels listed on their site that have been vetted and gone through the onboarding process. Aside from funds, angels also provide support and advice on topics such as lean principles, business models, and scaling. Regardless if you just have an idea, a team, first validation, or recurring revenue, you can get engaged with the angels through their free advice sessions.
Type: Angel Group
Stage: Seed, Series A, Series B
Investment Value: US$300,000 - US$1 million
Focus: Technology
Not an angel group per se, Zino Ventures is an investment fund focused on investing in New Zealand-based technology companies expanding to the Chinese-speaking markets. The name Zino itself is the Latin word "Sino", which refers to Chinese culture. They have an angel fund that has invested in tech companies such as Enring, Parrot Analytics, Latipay, Parcel Port, Wukong Edu, Kernel, and Formus. They look for companies with a scalable product or service, proven customer base, a validated business model, export capabilities, and competitive advantage.
Closing Thoughts on VCs and Angel Investors in New Zealand
In this article, we have listed some of the venture capitalists and angel investors that are actively investing in New Zealand startups. Most of them are interested in early-stage companies operating in the technology sector, coinciding with the sector's emergence as a potential area where New Zealand can win in the global tech space.
Nonetheless, there are also VCs investing in other sectors that startups should try pitching to, and there is no one-size-fits-all when it comes to investment. So, do your homework before approaching them to make sure that your business fits with their interests and when and how they like to invest. Now, it is up to you and your team to develop and prepare your startup into one that investors simply cannot resist!