0 Movac Fund 4 Reaches First Close At $105 Million

Movac Fund 4 has raised $105 million to invest in the next generation of iconic Kiwi technology companies.

The Fund is underpinned by $75m in investment commitments from institutional investors including Ngāi Tahu Holdings, with the balance coming from the New Zealand Venture Investment Fund, leading New Zealand family offices, community trusts, and private investors.

Movac Fund 4 will be investing in established New Zealand technology companies that are seeking capital to accelerate their growth.  These are companies with an established track-record of sales, a team in place to grow the business, and the ambition and potential to scale their business internationally.  This is a later stage fund than Movac’s previous funds.

Phil McCaw, Movac Managing Partner, commented: “We are really encouraged by the commitments from all of our investors, and in particular our new cornerstone investors who have recognised the significant investment opportunity that exists in the New Zealand technology sector right now.”

“Importantly, we have a strong pipeline of potential investments for Movac Fund 4.  We have already been meeting with and conducting due diligence on various opportunities, and are very impressed by the quality of the companies that we’re seeing.  We anticipate that we will make Fund 4’s first investments prior to Christmas.”

Ngāi Tahu Holdings Chief Executive, Mike Sang, commented: “Ngāi Tahu Holdings is excited about the addition of Movac Fund 4 to our portfolio.  We are looking forward to our new partnership with the Movac team and the added diversity the investment brings us from its focus on investing growth capital in the technology sector.”

Mr McCaw added: “As a team, we have 55 years of collective investment experience and we believe that we are uniquely placed to invest in and help accelerate New Zealand technology companies.  Our Fund 4 investors include a number of highly successful founders and business builders, experienced investors, as well as family offices and investment funds.  We also have a number of investor migrants investing in Fund 4.  We would like to thank them for their commitments, and look forward to working with them to grow the next wave of iconic Kiwi companies and delivering an outstanding investment return.”

Movac Fund 4 remains open for eligible investors until its final close in April 2017.

0 Trevor Dickinson named New Zealand Arch Angel 2016

One of New Zealand’s most prolific angel investors, Trevor Dickinson, has been awarded the Angel Association of New Zealand’s (AANZ) prestigious Arch Angel Award at the 2016 NZ Angel Summit in Hawke’s Bay.

The Arch Angel Award is the highest honour in New Zealand’s angel investment community, and recognises individuals who have steadfastly championed the cause of angel investment and investors.

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0 Angel investors need help to get young businesses to full potential

Angel investors shelled out a “solid” $23 million in the first half of the year but Angel Association chairman Marcel van den Assum said five to 10 times that sum would be needed to help the country’s young businesses reach their full potential.

The level of investment was up from $20m in the same period last year, but down on the $26m invested in the first half of 2014.

Venture Investment Fund (NZVIF) director Bridget Unsworth said only $5m of the total went into new businesses.

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0 Adamantem Capital readies private equity 2.0

Meet the new “KK” combination of Australian private equity.

Former Pacific Equity Partners deal makers Anthony Kerwick and Rob Koczkar have teamed up to launch Adamantem Capital, a new style of private equity firm that speaks volumes about the local private equity industry and the next generation of both deal makers and deals.

Adamantem will seek to take stakes worth $100 million to $500 million in Australian and New Zealand businesses. But, unlike more traditional private equity deals – at least in this market – it does not necessarily want to own 100 per cent of its portfolio companies and will consider taking stakes in listed businesses.

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0 Waterman Capital media release

Media release  19 October 2016

My Food Bag takes important next step toward achieving its growth ambitions

Market leading home food delivery provider, My Food Bag (MFB) today announced it had successfully secured investment from Waterman Capital. This partnership will support the company in achieving its ambition to IPO within the next three years to raise further capital and enable Kiwisavers and other New Zealanders to invest alongside the founders and Waterman Capital.

MFB was established to resolve the dilemma, “what are we having for dinner tonight?”, and now delivers more than one million meals to New Zealanders each month. In an environment where people are increasingly time-poor and health conscious, MFB sees further opportunities to grow whilst making a positive change in the lives of New Zealanders. Waterman describes the business as a tremendous New Zealand success story.

Founder & co-CEO Cecilia Robinson says the directors are very pleased to have Waterman Capital as part of the team for the next evolution of My Food Bag’s growth as the business readies itself for an IPO. While the exact financial terms of the transaction have not been disclosed, stakeholders say it is one of the most significant commercial transactions involving a New Zealand business launched less than four years ago.

For the My Food Bag team it’s very much business as usual with Celebrity chef and cofounder Nadia Lim’s role remaining unchanged as the brand’s ambassador and food expert. Cecilia and James Robinson will continue in their roles as co-CEO’s to lead the company through this next phase of growth.

Waterman Capital takes three seats on the board filled by Chris Marshall, Lance Jenkins and Phil Maud. Kevin Roberts continues to chair the company and Theresa Gattung also remains on the board as the company prepares for an IPO.  Robinson says: “When we announced our intention to capital raise we were flooded by customers wanting to invest in the company. As we have now set our sights on an IPO we are thrilled to give Kiwis an opportunity to become shareholders”.

Local investor, Waterman Capital was founded in 2004 to provide capital and complementary skills to New Zealand businesses. Waterman is considered the ideal partner to provide the
expertise to accelerate My Food Bag’s growth as the company prepares for an IPO, Robinson adds.

Waterman Capital spokesperson Chris Marshall says as a New Zealand investment group, its resources will be applied to extending the My Food Bag success story. “Waterman has a long track record of investing in and adding value to private businesses in New Zealand. These companies are the life blood of the domestic economy. We have been very impressed with the MFB team, what they have created and what they can do going forward is very exciting. As a long term investor, we look forward to working with the MFB team to continue the great work that has already been achieved”.

As the company’s intention is to IPO on the NZX within three years, it has opted to exit Australia; and concentrate its resources on growing its New Zealand business.

In May 2016, the company announced it was seeking expressions of interest from equity investors as it reviewed its capital structure. With strong local and international interest, Robinson says the shareholders are pleased that in Waterman, full company ownership remains in Kiwi hands.

“My Food Bag has rapidly grown to become a household name. This partnership reflects the next step in the maturity of the business and it is our intention that our foodies are going to be able to buy a stake in the business in the future” Robinson notes.


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