New Astrolab funding for tech startups

Tech Incubator and AANZ member, Astrolab recently announced a group of Wellington business people will invest up to $5m in high tech startups being supported by Astrolab.

Four Wellington-based businesspeople have teamed up with specialist business incubator Astrolab to create a $5m fund which will drive a financial runway of up to $20m for startup tech companies across New Zealand.

Astrolab CEO Brett Oliver says having access to this level of capital is hard to come by in New Zealand when turning complex-technologies into export businesses.

“Astrolab’s funding pool will be used to catapult technology startups we establish and grow, enabling us to concentrate on achieving our mission-critical milestones quickly by dealing directly with our fund in the first instance,” says Mr Oliver.

The $20m financial runway over the next two years relies on $5m from Astrolab’s LP fund, underpinned by the newly formed Wellington-based investment group, and Callaghan Innovation’s Tech Incubation program which delivers targeted funding to complex technologies.

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Puawaitanga & Kotahitanga Award Winners 2018

This year the Angel Association New Zealand’s Puawaitanga Award recognises the founder and investor-director who best exemplify what can be achieved when committed people draw on their collective skills and experience. This award celebrates an angel-backed venture achieving world-class success. This venture has excellent governance, a compelling business proposition and a well-defined strategy for exponential returns.

Puawaitanga – ‘best return on integrated goals’.

The Kotahitanga Award recognises those people in the angel community who have made an outstanding contribution to the industry. It acknowledges those who have selflessly given personal time and energy for a sustained period and contributed to the professionalism, profile and reputation of angel investment in New Zealand.

Kotahitanga – ‘unity and a shared sense of working together’.

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The Puawaitanga Award has been presented to Dexibit’s founder Angie Judge and investor-director, Dana McKenzie.

Dexibit analyzes visitor behavior and venue performance at the world’s visitor attraction institutions such as museums and galleries. Since Angie Judge founded Dexibit in 2015, the company has secured customers like the National Gallery in the UK and The Smithsonian in the USA and, here in New Zealand, the Auckland Art Gallery and Te Papa. Dexibit has won two prestigious High Tech Awards for Innovative Software and Best Technical Solution for the Creative Sector and been a finalist in a number of other categories. Dana McKenzie has Chaired the Board of Dexibit for the last three years and is a true champion for the company and its team, including Angie.

In making the award, Angel Association Chair, John O’Hara said Angie and Dana are great examples of what alignment and mutual support can achieve.

“No one scales value in a high-growth tech company on their own. To get traction both the founder and the investors need to be committed to the same end-point. This has clearly been the case with Dexibit. Dana and Angie have been working together to generate stunning progress in terms of revenue generation, customer acquisition and to secure capital to amplify that growth to support Dexibit to generate exponential returns for the investors and just as importantly, for the New Zealand economy,” he said.

The recipient of the Kotahitanga Award is Matu Managing Partner, Greg Sitters.

Greg has been involved with capital raising for early-stage deep-tech ventures in New Zealand for over a decade. He was an early employee at Sparkbox Ventures and then worked for its successor GD1, before setting up Matu. Matu was founded earlier this year to provide seed and early stage capital for disruptive scientific and IP rich startups. Greg has given countless hours of his time to literally hundreds of budding and early founders, including in his tenure as a long standing member of the Return on Science and Uniservices’ Investment Committees. Greg is a founding member of the Angel Association and served on the Council since its inception in 2008. In this role he has given freely of his time to dozens of professional development initiatives and to represent the early stage industry at events not only all over New Zealand but around the world.

“Greg exemplifies the generosity of spirit that imbues the New Zealand angel community. His depth of knowledge about what it takes to scale a deep tech venture is unsurpassed and has been invaluable to companies like HumbleBee, Lanaco, Objective Acuity and many more,” said John O’Hara.

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Dave Moskovitz named NZ Arch Angel 2018

One of New Zealand’s true champions of kiwi start-ups and angel investment, Dave Moskovitz, was awarded the Angel Association New Zealand’s (AANZ) Arch Angel Award at the 11th Anniversary NZ Angel Summit in Blenheim.

The Arch Angel Award is the highest honour in New Zealand’s angel investment community, and recognises individuals who reflect the qualities of the best angel investors and who are champions for the endeavour.

The award recognises the significant amount of time and money angels contribute to startups and early-stage companies – and specifically to their founders and teams – to help them reach their potential while also recognising angels who make a significant difference to New Zealand’s start-up ecosystem. The recipient is chosen by the previous years’ winners.

Dave has been investing in early-stage companies for a decade and been an investor director for a number of the ventures he has backed including ShowGizmo, The Appreciation Engine and Jaipuna. Most notably he was at the helm of peer-review publishing platform, Publons as Chair when that venture exited to UK-based Clarivate Analytics last year.

Dave has held governance roles with Wellington-based AngelHQ and was one of the founding fathers of New Zealand Start-up Weekends. He has mentored for 9 accelerator programmes helping dozens of ventures to secure funding and grow their businesses. Dave is an active member of InternetNZ, a member of the council of Open Polytech and was recently appointed to the Ministerial Advisory Group for Digital Economy and Digital Inclusion. He is also New Zealand’s representative to the Global Business Angel Network.

Former Arch Angel winner, Andy Hamilton, says one of the hallmarks of Dave’s work has been the importance he places on the role of empathy in business success.

“Dave takes a very genuine interest in supporting not just the success of the founders he backs, but also their wellbeing,” he said, noting that being a founder can be a very personally challenging role.

2012 winner, Movac’s Phil McCaw, who has worked with Dave over the years in the Wellington start-up and early stage investment scene, said Dave’s contribution to angel investment and start-ups in New Zealand is significant.

“Dave has freely given up countless weekends and evenings to work with people from all kinds of backgrounds who want to create new businesses. Making a difference and leaving the world better than he found it are integral components of Dave’s purpose. In investing in a number of these start-ups, he follows through very tangibly to deliver on that purpose.”

Speaking earlier in the year to Simon Morton on Radio New Zealand, Dave spoke with deep and personal insight about how successful angels and founders recycle skills and capital generating a virtuous cycle of further start-ups and cutting-edge roles in disruptive industries. He also spoke enthusiastically about the role start-up methodology could play improving the delivery of government services.

Dave received his award at the 11th Anniversary NZ Angel Summit, held at Marlborough Vintners in Blenheim and attended by 150 delegates. The annual event provides a hub for angels to learn and network, and is recognised as one of the world’s top angel events.

American born, Dave came to New Zealand over 25 years ago. He attended the University of California, Berkeley where he majored in computer science. He is one of three migrants to win the Arch Angel Award.

Former Arch Angel winners include The Warehouse founder and long-time angel investor Stephen Tindall; Andy Hamilton, chief executive of The Icehouse and member of IceAngels; US super angel Bill Payne; veteran angel investor Dr Ray Thomson; prolific AngelHQ member, Trevor Dickinson, former AANZ Chair, Marcel van den Assum and ardent angel investor, Debra Hall.

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On track for another record year

First half year results show angels are investing at rates on a par with previous years. The upward trajectory continues. It’s likely the formal part of the market will hit $100m into high growth start-ups this year.

Reporting on the activity of its members tracked by the NZ Venture Investment Fund, Angel Association Chair John O’Hara said $30.8m dollars was invested in 46 deals in the first six months of the year compared to $20.2m into 29 deals in the same period last year.

More detail and deeper insights can be found at www.pwc.co.nz/startupmagazine in the second edition of Startup Investment New Zealand; a collaboration between Angel Assn and PwC.

Mr O’Hara noted there is always a substantial uplift in activity in the second half of the year, in part inspired by two of the country’s larger angel networks, Ice Angels and AngelHQ, holding their annual venture showcases in September.

“This year Ice Angels’ showcase attracted 1000 guests and that level of enthusiasm has been reflected in capital commitments to the ventures presenting. AngelHQ’s showcase attendance numbers were also up,” said Mr O’Hara.

“We are seeing increasing valuations and amounts raised, and in many cases, start-ups are now appearing to be fully valued. While this is positive it comes with some challenges,” said Mr O’Hara.

“Start-ups that are too well funded can lose their edge and correspondingly high valuations put pressure on founders to deliver the requisite valuation uplift to ensure the next funding round is successful,” he noted.

These sorts of issues were discussed at the Angel Association’s first ever event for founders and investor-directors held the day before the industry’s annual summit in Blenheim on Wednesday 31 October 2018. Called “The Runway”, the day-long event brought together over 35 founders of high growth ventures and the angels who have backed them. As well as building a cohort of like-minded founders who support each other as their ventures scale, the initiative began to build tighter alignment and awareness of what it takes to scale an angel backed company.

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Investors have confidence in startup futures

The October issue of Startup Investment New Zealand Magazine is now available here.

In this edition, we shine a spotlight on Kiwi businesses that have earned a place on the world stage. To be successful, Kiwi startups have always had to think and act global from the outset but there’s now a number of factors helping these startups succeed in offshore markets, and often much earlier in their journey. We’re seeing a developing ecosystem of support including government agencies, networks and people with experience at scaling global businesses, as well as investors who have the confidence to support these innovative companies.

The data is supporting this investor confidence. Five times the number of startup organisations successfully raised over $1 million from local investors in the first half of 2018 verse the same period last year, according to the latest Young Company Finance Index. This year almost half of deals are co invested by two or more Angel clubs and funds. Why is the formula to achieve global success so critical? It means little old New Zealand can produce valuable companies winning on the global stage, which attracts investors and ultimately builds prosperity for us as a country.

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Get in quickly – AANZ Summit registrations open!

Diversity … making a difference and delivering outcomes

Last year we celebrated a decade of angel investing in New Zealand. And it was terrific to have that line up with some impressive success for angel backed companies with PowerbyProxi selling to Apple, Publons selling to Clarivate and ImeasureU selling to Oxford Metrics. Last year was also record year for ‘dollars into deals’ with a 26% increase on the previous year’s investment at $86m.

We are genuinely creating value for New Zealand and New Zealanders. At this year’s summit we will focus on amping up that value through the power of diversity. Why and how does a more feminine approach, both as founders and investors, add value? What values do different ethnicities bring to angel backed ventures to increase the prospect of success? Why is it important we include millennials in our ventures?

It’s all about making a difference… diversity and inclusion delivers higher value outcomes.

The 11th Annual NZ Angel Summit, 1/2 November, is being held at Marlborough Vintners, 10 minutes drive from Blenheim and in amongst the vineyards. We deliberately choose smaller intimate venues to ensure we create the right atmosphere for relaxed and rewarding conversations. Our last three summits have sold out as we prioritise places for those ‘doing deals’.

On the first morning we set the context for the two days by reviewing the year and have a session on the values that drive angel investors and how these impact on success. In the afternoon we apply these insights to the more practical aspects of angel investment with sessions on the new industry standard term sheet, how to ensure alignment with follow-on funding sources and dig into the government’s plans to support our endeavours, particularly with respect to tax reform. On Friday morning we focus on our own heroes and hear first-hand from some of our founders and investors who getting real traction offshore. All of this will be shot through with input from successful women and millennials in our community and deep engagement with Maori and our Asian investor migrant community.

Click here to register

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Fintech Startups Accelerate to Success

A step-change is taking place in New Zealands flourishing fintech sector, with participants in the second iteration of the Kiwibank FinTech Accelerator highlighting a growing maturity, sophistication and global potential.9 May 2018
A step-change is taking place in New Zealand’s flourishing fintech sector, with participants in the second iteration of the Kiwibank FinTech Accelerator highlighting a growing maturity, sophistication and global potential.

Graduates of the Kiwibank FinTech Accelerator 2.0 will showcase their work at a Demo Day in Wellington on May 16. Ventures will first pitch to angel investors and early stage venture funds at an investor-only session, followed by presentations to New Zealand’s business and fintech community later in the evening.

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Startup Genome and the Global Entrepreneurship Network Launch the Global Startup Ecosystem Report 2018

Released at the Global Entrepreneurship Congress (GEC) in Istanbul, GSER 2018 features strategic startup, investment and policy insights from over 10,000 founders in 60 ecosysytems – including New Zealand.

With insights ranging from the fast-growing dominance of ICT verticals to the filling of critical gaps in Success Factors both funding and startups, the Global Startup Ecosystems Report (GSER) 2018 continues to present thought-leadership and knowledge building driven by the world’s largest primary ecosystem research, Voice of the Entrepreneur. This is where we find out what it takes to build dynamic startup ecosystems with both local and global resonance and which cities around the world are doing it best.

Produced in partnership between Startup Genome and the Global Entrepreneurship Network (GEN) this year’s Global Startup Ecosystems Report launches at the Global Entrepreneurship Congress in Istanbul – signaling a strong commitment to advancing a greater understanding of startup ecosystems and the global network of capital and connections that drive them.

“We’ve now entered the Third Wave of innovation – where our global startup community is disrupting industries by combining technology with deep industry expertise. This is creating a potentially game-changing opportunity for smaller, less mature startup ecosystems that can now build out competitive advantage at a global level by focusing on their DNA and legacy strengths,” shares Startup Genome CEO and co-founder JF Gauthier.

A fitting occasion for the launch of this collaborative report, the Global Entrepreneurship Congress gathers thousands of entrepreneurs, investors, researchers, policymakers and other startup champions from more than 170 countries to identify new ways of helping founders start and scale new ventures around the world.

“Research in the field is vital to shaping the interventions necessary to empower entrepreneurs around the world,” said Jonathan Ortmans, president of the Global Entrepreneurship Network. “As thousands of startup champions gather this week to explore innovative approaches, efforts such as the Global Startup Ecosystem Report help us become better informed about what is needed.”

Incorporating data from Crunchbase and Orb Intelligence, as well as the voices of over 10,000 founders from 24 countries worldwide and counting – including some of New Zealand’s top startups like Flick Electric, Fuel 50 and Nyriad – GSER 2018 presents an incisive look at over 60 ecosystems. Through an analysis of startup output and legacy traits, it identifies the industries where each ecosystem has the most potential to build the vibrant economy for which it is uniquely positioned.

This year, GSER the report takes a close look at key sub-sectors such as Advanced Manufacturing & Robotics, Agtech, A.I., Big Data & Analytics, Life Sciences and Cybersecurity, as well as new technologies in education, health, advertising and finance. The sub-sectors in focus point towards imminent entrepreneurial revolutions. Thanks to SpaceX we may already have a car in space – but will we have greater diversity and value distribution on the ground and in our startup ecosystems? These are among key qualitative issues that GSER 2018 also looks at.

In the New Zealand ecosystem in particular, GSER provides a detailed look at the following subsectors: agtech and new food, health and life sciences and govtech.

Angel Association NZ has been delighted to partner with over a dozen ecosystem participants, including NZ Trade and Enterprise, Callaghan Innovation, the Ministry of Business Innovation and Employment, the tech and founder incubators, NZX and others to bring a wealth of insight to the New Zealand findings.

Commenting on the value of the report, outgoing AANZ Chair Marcel van den Assum said that not only did the report raise New Zealand’s profile with the 60+ other ecosystems also taking part but it provided insights into where we are best placed to focus our resources to enhance the impact of New Zealand startups and technology.

Download the full report here: www.startupgenome.com/report2018.

 

ABOUT US

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 30 members representing over 700 individual angels associated with New Zealand’s key angel networks and funds.

Startup Genome
Startup Genome works to increase the success rate of startups and improve the performance of startup ecosystems globally. Fueled by the Voice of the Entrepreneur – the world’s largest primary research conducted with more than 10,000 startups annually – Startup Genome advises leaders of innovation ministries, agencies and organizations supporting startups. It brings data-driven, actionable insights, clarity and focus needed to produce more scale-ups, jobs and economic growth worldwide. Visit www.startupgenome.com for more and stay up to date on Twitter or Medium.

The Global Entrepreneurship Network

The Global Entrepreneurship Network operates a platform of programs in 170 countries aimed at making it easier for anyone, anywhere to start and scale a business. By fostering deeper cross border collaboration and initiatives between entrepreneurs, investors, researchers, policymakers and entrepreneurial support organizations, GEN works to fuel healthier start and scale ecosystems that create more jobs, educate individuals, accelerate innovation and strengthen economic growth. For more, visit www.genglobal.org and Follow GEN on Twitter.

ENDS

For interviews and further enquiries, please contact us:

Dinika Govender
Communications, Startup Genome
[email protected]

Jessica Wray Bradner

Communications, GEN
[email protected]

Suse Reynolds,

AANZ executive director
mob: 021 490 974 or email: [email protected]

Marcel van den Assum,

AANZ chair and 2015 Arch Angel
mob: 021 963 459 or email: [email protected]  

 

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Record NZ$86 million invested into New Zealand startups in 2017

More investment was poured into New Zealand startups than ever before in 2017, with NZ$86 million ($81.7 million) invested into 111 companies.

The figures were revealed in the latest Young Company Finance Index, published by PwC New Zealand, the Angel Association of New Zealand (AANZ) and the government-backed New Zealand Venture Investment Fund (NZVIF), which found that while the number of deals was just one below 2016, the total amount invested had increased by NZ$18 million.

Anand Reddy, partner at PwC New Zealand, said the investment levels are almost three times what New Zealand was seeing five years ago.

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NZ Startup Community Vibrant and internationally Competitive

The recent Angel Association and PwC release of data reveals a new record of $86 million flowing into early-stage businesses across the country.The recent Angel Association and PwC release of data reveals a new record of $86 million flowing into early-stage businesses across the country.

NZVCA Executive Director Colin McKinnon says: ‘The reported growth in investment dollars was due to an increasing number of larger deals in 2017, compared to the year before. The increased deal size indicates a maturing of the early-stage market. We are seeing angel investment building larger companies that are capable of attracting international investment.

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Lead Partners

NZTE NZVIF PWC

Expert Partner

AVID “FNZC.jpg”

AANZ Summit Sponsors

Callaghan Innovation “UniServices” Kiwinet “Spark”