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News
0 Coalition should back new VC funds to bridge gap

The Icehouse chief executive Andy Hamilton wants the government to back another three to four $50-150 million seed series A & B funds to resolve the growth funding gap for the country’s small to medium-sized enterprises (SMEs).

New Zealand startups are disproportionately backed by angel investors compared with other markets, which impacts on their growth and success rates, while there are few venture-backed startups, he says.

That’s because buildings a startup from New Zealand is really hard and there in not yet a big track record of that happening successfully to create the returns that would lead to an asset class being established.

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0 AirTree Ventures backs New Zealand HR startup Joyous

AirTree Ventures has announced its investment in New Zealand human resources startup Joyous, whose platform looks to make it easier for employees to manage regular HR processes and interactions.

Founded by brothers Mike and Philip Carden, the Auckland-based startup raised $1.5 million in seed funding from investors including AirTree, TradeMe founder Sam Morgan, and Tuhua Ventures.

Joyous is the second HR venture for Mike, who previously founded online performance management and succession planning startup Sonar6, a business he sold to US company Cornerstone Ondemand for $US13 million in 2012.

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0 NZ Super Fund increases investment in primary sector

The NZ Super Fund has about $2.5 billion invested in New Zealand primary industries and is keen to add more of the sector to its portfolio.

Its latest investment is in international fresh fruit and vegetable grower and marketer NZ Gourmet, taking a 27 per cent stake in the company for an undisclosed price.

Although just 6.4 per cent of its total global investment is in local agribusinesses, they make up half the amount it has invested in New Zealand.

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0 KiwiSaver, PIEs last in line for tax enquiry; inflation-indexing floated

The Tax Working Group (TWG) would likely consider the impact of any proposals on the NZ investment regime as one of the last agenda items.

TWG chair, Sir Michael Cullen, said any review of the potential effect of any tax changes on the current NZ investment regime – including KiwiSaver – was some time away.

“We may not be ready [to publish analysis of KiwiSaver etc]until quite close to the report,” Cullen said.

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0 Ten companies selected for Zino new Kiwis startup challenge

Debra Hall, an experienced angel investor and Chairman of Zino Innovation Hub, which runs the Challenge, says the Zino team was delighted at the level of interest shown, with 42 companies, and entrepreneurs from 16 countries, entering the competition.

“As investors in start-up companies, we regularly see talent being wasted because new migrants simply don’t have the connections, the access to capital and sometimes even the language to navigate the early stage of growing a business. Zino is committed to changing this, to create new value for New Zealand” said Hall.

The ten companies will receive two months of mentoring and support as they hone their pitches to vie for a prize package that includes trips to the innovation centres in China, opportunities to participate in offshore incubation, support from Alibaba Cloud, Xero and Uniservices and most importantly, the opportunity to pitch for investment from Zino and other early stage investment groups in New Zealand.

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