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.