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Investment in tech in New Zealand continues to grow. Recently released New Zealand data in the Startup Genome report shows the medium seed round is now US$1m and the medium series A round is up to US$3.7m. Over the past three years, US$1.1 billion in venture capital (VC) funding has been invested in New Zealand.
The Elevate Fund, established in 2020 by the Government organisation New Zealand Growth Capital Partners (NZGCP), has invested approximately $150 million into six VCs — only engaging in deals that also include outside investors. Last year delivered record growth for the number of deals completed and the amount of capital invested. Early-stage investors provided funding of $257 million, across 174 deals, representing a 63 percent growth in funding compared to the previous year.
During this week I am connecting with the local investment ecosystem helping to identify what else can be done on the investment front to help grow globally successful Kiwi tech firms based here in New Zealand. I am in Auckland tomorrow meeting WNT Ventures and Uniservices. Then Wellington on Wednesday, meeting Minister Clark, NZGCP and the Angel Association. On my return to Auckland, I am also meeting with the New Zealand Trade and Enterprise (NZTE) investment team.
While in Wellington I am speaking on a Government Briefings Panel on Digital Transformation for the Amcham Australia Delegation to Wellington, followed by the Amcham’s Parliamentary event reception.
This week I will also be attending the 2022 Kea World Class New Zealand Awards. This year’s theme is connection and the winners will have demonstrated the unique power of Kiwi connection and used it for the benefit of all of Aotearoa.
My week also includes the NZTech Board meeting where we will be reviewing our climate impact and a Diversity & Inclusion sub-board meeting where we are reviewing the results of our annual review of our own inclusion practices. Highlights of the results of both these assessments can be found in our recent Annual Report.