Lightning Lab ventures out to secure $3 million

Lightning Lab ventures out to secure $3 million

The Demo Day that capped off the second Lightning Lab digital accelerator in Wellington has seen investors put total offers of $3 million on the table.

Negotiations between teams and investors are continuing and which ventures strike gold - and how much - will likely be decided in the next month or two, says Creative HQ venture manager Nick Churchouse.

The $3 million in total offers is "just an indication of the amount of interest generated", he says. However, Creative HQ anticipates five of the 10 teams in this year's programme will get the funding they asked for on Demo Day, he says.

"Last year it took three months [for the investment results of Demo Day to be known].

"This year we built [the due diligence process] into the programme so it wouldn't take as long. We hope it will shorten by some, but it's up to the investors."

Investors gave a total of $2.2 million in last year's inaugural programme, to four teams. That year there were nine ventures.

Read about the 10 teams that participated this year.