The government is extending its underwrite of the Crown-funded start-up investor, New Zealand Venture Investment Fund, through to 2022 and allowing $12 million to be transferred to the investor's cash-constrained seed fund, but the level of support will drop from 2018.
The Crown's $100 million underwrite facility will be extended until 2018 and then reduced to $60 million until 2020, as returns to NZVIF from earlier investments become available for reinvestment. The move, along with a $470,000 increase in operational funding, allows the fund to make co-funding commitments to new venture capital funds and partnerships.
Image: Franceska Banga, chief executive of the NZ Venture Investment Fund. Photo / Sarah Ivey
