Technology fund number two

Monday 1st October 2001

Jenny Morel's No 8 Ventures fund has made a small investment in Auckland graphics software company Right Hemisphere, becoming one of a number of angel investors helping fund the company's expansion. It is the final investment by the $27 million technology venture capital fund, formed in July 1999. So far, it has put money into a total of nine local companies, none of which have listed yet or are likely to list in the next year.

Despite not having a successful exit in the first fund, Morel is keen to fundraise for a second and hopefully bigger fund of around $50 million. She and partner Peter Allport are searching locally and offshore for a new partner to help with the workload, as they're both so busy they can't start a second fund without more help. They're looking for an ex-pat Kiwi wanting to come home, perhaps, or just someone with technology sector experience who'd like to live Down Under. The person has to do two main things: be able to find the right technology companies for the fund to invest in and to have the general business experience to add value to those companies. They should also inspire confidence in investors, so they plonk their money into the fund.

Fiona Rotherham
fiona@unlimited.net.nz

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