New VC fund hits NZ$38m
The Global from Day One (GD1) Fund II has raised NZ$38 million – NZ$5 million more than its first close target.
The New Zealand Venture Investment Fund (NZVIF) is a cornerstone investor in the fund, committing around NZ$11 million (US$7.5m), alongside its Taiwan counterpart, the National Development Fund. The remainder has been raised from foundation investor Sparkbox Investments, the fund’s management team and private investors in New Zealand, Taiwan, Australia, Singapore, Hong Kong, and the USA. New Zealand investors include Sir Stephen Tindall’s K1W1, Diligent founder Brian Henry, and a range of private investors with technology and finance backgrounds.