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H1 Startup Investment :: dollars up!!

Investment in NZ startups remains strong despite global headwinds.

“During the first half of 2022, the early-stage technology sector proved remarkably robust considering the turmoil in the public markets and the well documented uncertainty currently facing the global economy.”

The latest Young Company Finance deal data shows that in the first half of 2022, early stage investment in New Zealand startups continued to flourish, with the amount of investment up 24% on the first half of 2021.

The deal data, insights and commentary are included in the Startup Investment report, published today by PwC New Zealand, Angel Association New Zealand (AANZ) and NZ Growth Capital Partners (NZGCP).

Early stage investors funded 66 deals, with a record first half year total of $74.4m invested.

Nadine Williams, PwC Director, notes that deep tech continues to be a favourite sector for investors, accounting for 44% of total capital invested during H1 2022, and continuing a trend of more investment in startups solving the world’s big global problems.

“By reimagining how things can be done, these companies are able to demonstrate clear value, which in turn delivers economic and social impact. It’s this that enables growth in times of market uncertainty.”

Suse Reynolds, Executive Chair of the Angel Association, stressed that now is the time to double down on investment in startups.

“While it has taken us about 15 years to invest a billion dollars in startups, we need to invest the next billion in five years to ensure we are generating the value expected of the asset class. The world desperately needs so many big problems solved. Reassuringly the data from the first half of the year provides evidence that there is a strong pipeline of companies focused on doing just that … finding better, more cost effective, more planet friendly, more people friendly products and services.”

Jacques Richer, Associate Investment Director NZGCP, was positive about the outlook, agreeing that generating a broad pipeline of startups will remain vital to the strength of the startup ecosystem.

“We expect startups hitting their milestones will be able to raise follow-on capital, as investors potentially consolidate and prioritise existing investments. The challenge over the coming months will be to ensure the pipeline of new investments remains strong and well capitalised.”


For media queries please contact:
Nicki Brogan
Senior Communications Manager
PwC New Zealand
Mob: 021 195 4457 or email: [email protected]

Suse Reynolds
AANZ Executive Chair
Mob: 021 490 974 or email: [email protected]

David Lewis
NZGCP media contact
Mob: 021 976 119

About PwC
PwC is dedicated to helping startups with great ideas make their way in the world. We provide support through tailored financial reporting, tax advisory and compliance, structuring, strategic advisory services as well as networking opportunities. We collaborate with others in the local ecosystem including NZTE, Angel Association New Zealand, KiwiNet, and other New Zealand VC funds. Alongside publishing StartUp Investment NZ, we are sponsors of KiwiNet Awards and the NZ Hi Tech Awards. For more, please visit

The Angel Association of New Zealand (AANZ)
The Angel Association is an organisation that aims to increase the quantity, quality and success of angel investments in New Zealand and in doing so create a greater pool of capital for innovative start-up companies. It was established in 2008 to bring together New Zealand angels and early-stage funds. AANZ currently has over 50 members representing over 900 individual angels associated with New Zealand’s key angel networks and funds. For more, please visit:

New Zealand Growth Capital Partners (NZGCP) was established by the New Zealand Government in 2002 to build a vibrant early-stage technology investment market in New Zealand. We aim to achieve our vision by supporting Kiwi tech companies, innovators and investors to become world class. Alongside operating our Elevate and Aspire funds which are designed to stimulate private investment into this space through a fund of funds and co-investment model, we also have a market development mandate that includes sponsorship and support of programmes, events and other initiatives to benefit the ecosystem. For more, please visit