Sharechat Logo

Venture fund seeks baby tech investments

By Nick Stride

Friday 27th June 2003

Text too small?
Early-stage technology companies are being invited to apply for investment from the $30 million iGlobe Treasury Fund, one of four managers of the government's $100 million Venture Investment Fund.

IGlobe has raised $20 million from Accident Compensation Corporation and two Singapore funds, government-owned TIF Ventures and Green Dot Capital, a subsidiary of Singapore Technologies Group.

The remaining $10 million comes from the Venture Investment Fund.

The Singaporean participation is being promoted as a way of leveraging New Zealand innovators into world markets.

Venture Investment Fund cash has also been allocated to managers TMT Ventures, No 8 Ventures and Endeavour i-cap on the same two-to-one private sector/government basis as iGlobe.

A fifth manager, IO Fund, run by Infratil and Orion New Zealand, last week exercised buyout rights following "changes in key personnel and a strategic review."

With the $20 million returned to it and $15 million as yet unallocated, the Venture Investment Fund is looking at investing in biotechnology-specific funds and/or giving further capital to existing managers.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports