The budget announcement of a $300m commitment to accelerate ambitions for the New Zealand venture capital industry was welcomed by the New Zealand Private Capital Association and Angel Association New Zealand.

NZ Private Capital Executive Director, Colin McKinnon, said ” “It has long been recognised that there is a gap in the market particularly when it comes to accessing capital in the start-up and early growth end of the market.”

“The proposed Government programme is expected to help private investors establish new funds, that will invest in New Zealand’s most promising fast-growth companies.”

We acknowledge the success of the Angel Association in developing networks that invest in early stage businesses. Now with this new package announced today, we hope to work alongside the Angel’s to build a larger venture capital market for the benefit on NZ entrepreneurs.”

Angel Association Executive Director Suse Reynolds, said: “This is a positive development. There will inevitably be some details to understand to ensure that the programme remains flexible so as to support marketplace innovation. We know there are angel-backed companies ready for venture capital to execute growth ambitions. We look forward to working with the Government and the venture funds to help accelerate the early-stage capital market and support work to match the capital being deployed with the requisite specialised capability.”

For more information, please contact:
Colin McKinnon, Executive Director, New Zealand Private Capital Association,
Mobile: +64 27 640 6406 or colin@nzprivatecapital.co.nz

Andrew Frankham, Chair, New Zealand Private Capital Association,
Email: andrew.frankham@directcapital.co.nz

Suse Reynolds, AANZ executive director
mob: 021 490 974 or email: suse.reynolds@angelassociation.co.nz

John O’Hara, AANZ chair
mob: 021 040 3198 or email: john_ohara@mac.com            

New Zealand Private Capital Association (NZ Private Capital)
NZ Private Capital is an advocate for the industry – giving it more voice and profile in and outside the industry. We champion and actively help businesses navigate and understand the Private Equity and Venture Capital world.
Our members span the activities of the private capital market including international and domestic fund managers; law, accounting and banking professionals; institutional investors; business angels and government agencies.

The Angel Association of New Zealand (AANZ)
The Angel Association is an organisation that aims to increase the quantity, quality and success of angel investments in New Zealand and in doing so create a greater pool of capital for innovative start-up companies. It was established in 2008 to bring together New Zealand angels and early-stage funds. AANZ currently has over 30 members representing nearly 800 individual angels associated with New Zealand’s key angel networks and funds. Recent NZVIF data revealed angels have invested more than $NZ681m in over 1,200 deals and 413 companies in the last 10 years. AANZ works closely with NZTE, NZVIF and Callaghan Innovation and a number of private sector partners including First NZ Capital, PWC, Avid Legal, Baldwins, KiwiNet, Uniservices, Christopher and Banks, AWS and Spark Ventures. For more, please visit: www.angelassociation.co.nz

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