Tuesday 19th April 2011
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Wellington investment firm Movac is setting up a growth capital fund of between $25 million and $50 million, in conjunction with the New Zealand Venture Investment Fund (NZVIF).
Movac Partners - a group of former Trade Me shareholders - is seeding the fund with $10 million, while NZVIF is to invest up to $1 for every $1.50 Movac raises.
Movac managing partner Phil McCaw said the new fund would target New Zealand companies which had been backed by angel investors, proven their ability to win customers, and were looking for new capital to fund expansion into export markets.
The aim was to invest with eight to 10 young technology companies in the first four or five years of the fund, McCaw said.
Funding commitments were being raised from institutional and private investors, with the aim of completing a first close of the fund and making a start to investing in late May.
NZVIF chief executive Franceska Banga said companies often spent more than they earned throughout start-up and expansionary periods, and growth funds such as Movac's would support companies through the expansion stage.
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