No 8 Ventures fund tops $30m

Friday 13th December 2002

No 8 Ventures announced yesterday it had reached the first close of the No 8 Ventures No 2 Fund.

Directors Peter Allport, Jenny Morel and Mark Edwards said in a statement they were delighted with the achievement after signing their agreement with the government's Venture Investment Fund (VIF) on November 27.

By yesterday sufficient investors were signed up to the fund to allow the directors to declare a first close. The first close gives the fund commitments of $10 million from VIF and $20 million from other investors, making the fund operational and able to make offers of investment to what the directors described as "exciting young companies."

The fund will remain open to new investors for up to six months. The total commitment of VIF to the fund is up to $15 million (to be matched two-to-one by other investors). The directors plan to raise more to give "some flexibility to invest in later-stage companies as well which are outside the VIF area of investment."

The directors said the $20 million from other investors included one institutional investor.

"[We] are particularly pleased to have [our] first New Zealand institutional investor and hope this will give others confidence to invest in the developing venture capital industry. It also includes a substantial commitment from investors in No 8 Ventures' first fund," their statement said.

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