The government has identified support for New Zealand’s fledgling venture capital industry as a “next step” towards boosting innovation.
Economic Development Minister Gerry Brownlee today announced a $40m underwrite for the New Zealand Venture Investment Fund (NZVIF)’s programme to encourage more private investment into new venture capital funds.
Since NZVIF was established in 2002, New Zealand governments have committed $160m to its venture capital programme. That $160m is nearly fully committed across six existing and two prospective venture capital funds.
The $40m underwrite will enable NZVIF to invest into a number of new funds based on returns from current investments, up to a total of $200m.
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