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MOVAC scrapes up $42m for Kiwi companies

Venture capital firm MOVAC's third fund has closed after successfully raising $42 million to invest in New Zealand companies.

Venture capital firm MOVAC's third fund has closed after successfully raising $42 million to invest in New Zealand companies.

MOVAC also announced the appointment of Silicon Valley-­based Kiwi Ben Anderson as a venture partner for the fund.

Anderson, a New Zealander based in Silicon Valley, is currently a partner with executive search firm Lonergan Partners, and is chair of NZTE’s North American Beachheads Advisory group.

"MOVAC Fund 3 is one of very few funds in the New Zealand market with capital to invest right now. And as a passionate Kiwi, I’m excited about the role that I can play with MOVAC to grow the next wave of successful New Zealand companies.”

MOVAC 3 Fund is the first investment fund targeting young growth companies to be raised since 2007, and will invest $1‐5 million in New Zealand companies with an established track record.

“Since the launch of the fund in July last year, we’ve raised another $11m from experienced investors, locally and offshore. It’s been heartening to see such enthusiasm for investment in growing New Zealand companies, particularly given the on-going uncertainty in global market," MOVAC managing partner Phil McCaw said