Angel Association welcomes NZGCP’s expanded Aspire mandate

New Zealand Growth Capital’s (NZGCP) announcement today that the mandate for the Aspire programme has been expanded has been welcomed by Angel Association New Zealand (AANZ).

The expanded mandate, to apply until 30 June 2021, does the following:

• Raises the annual investment cap from $12m to $20m,
• Raises the per company maximum investment from $1.5m to $2.5m,
• Relaxes 1:1 matching government to private capital to 2:1, and
• Allows Aspire to co-lead deals.

AANZ Executive Chair, Suse Reynolds, said New Zealand’s high growth startups are in the midst of challenging times but that recessions are precisely when we should be doubling down on investment in the “job creators of tomorrow”.

“Not only are recession vintages some of the best when it comes to the financial returns generated from early stage venture investment, but World Bank and OECD research tells us that these
businesses create most of our net, new job growth,” said Suse.

“We acknowledge that there might be some concern about crowding out private sector investment but the ongoing requirement that Aspire match private sector funding ameliorates this and these are unique circumstances.”

“Early stage investment is a legitimate and financially rational asset class but it is high-risk in very uncertain times. The expanded mandate helps to shore up private sector confidence. It is part of
work we are all doing to at the very least maintain, and maybe even grow the number of deals supporting high-growth, kiwi tech companies.”

Commenting on the co-lead component of the expanded mandate, Suse noted the importance of trust and transparency in early stage venture investing and said this should help increase levels of
syndication and deal success.

–Ends–
For more information, please contact:

Suse Reynolds, AANZ Executive Chair
mobile 021 490 974 or email [email protected]

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 40 members representing over 900 individual angels associated with New Zealand’s key angel networks and funds. AANZ works closely with NZTE, NZVIF and Callaghan Innovation and a number of private sector partners including Jarden, PWC, Avid Legal, Baldwins, KiwiNet, Uniservices, BECA, BNZ and Amazon Web Services.

For more, please visit: www.angelassociation.co.nz

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Lead Partners

NZTE NZGCP PWC ATEED “NZX”

Expert Partner

AVID “Jarden” Baldwins

AANZ Summit Sponsors

“UniServices” Kiwinet “AWS” “BNZ” “Momentum” “Hillfarrance” “Punakaiki” “MBIE” “GD1” “TompkinsWake” Callaghan Innovation