Underwrite to boost new venture capital funds

Underwrite to boost new venture capital funds

Date added: Friday, 06 August 2010 10:41

Minister for Economic Development Gerry Brownlee announced a $40 million underwrite for the New Zealand Venture Investment Fund's venture capital programme to encourage more private investment into new venture capital funds.

Public investment - by the government through NZVIF - has helped to catalyse private investment into 48 companies, who cumulatively raised total investment capital of $438 million.

Between 2003 and 2009, those 48 companies have earned around $675 million in revenue - including $564 million from exports - and exhibited high growth.  In the three years to 2009, combined company revenue grew by 56 per cent each year.

Read Ministers media release