Movac Fund 4 reaches first close at $105 million

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Movac Fund 4 reaches first close at $105 million

Movac Fund 4 has raised $105 million to invest in the next generation of iconic Kiwi technology companies.

The Fund is underpinned by $75m in investment commitments from institutional investors including Ngāi Tahu Holdings, with the balance coming from the New Zealand Venture Investment Fund, leading New Zealand family offices, community trusts, and private investors.

Movac Fund 4 will be investing in established New Zealand technology companies that are seeking capital to accelerate their growth.  These are companies with an established track-record of sales, a team in place to grow the business, and the ambition and potential to scale their business internationally.  This is a later stage fund than Movac’s previous funds.

Phil McCaw, Movac Managing Partner, commented: “We are really encouraged by the commitments from all of our investors, and in particular our new cornerstone investors who have recognised the significant investment opportunity that exists in the New Zealand technology sector right now.”

“Importantly, we have a strong pipeline of potential investments for Movac Fund 4.  We have already been meeting with and conducting due diligence on various opportunities, and are very impressed by the quality of the companies that we’re seeing.  We anticipate that we will make Fund 4’s first investments prior to Christmas.”

Ngāi Tahu Holdings Chief Executive, Mike Sang, commented: “Ngāi Tahu Holdings is excited about the addition of Movac Fund 4 to our portfolio.  We are looking forward to our new partnership with the Movac team and the added diversity the investment brings us from its focus on investing growth capital in the technology sector.”

Mr McCaw added: “As a team, we have 55 years of collective investment experience and we believe that we are uniquely placed to invest in and help accelerate New Zealand technology companies.  Our Fund 4 investors include a number of highly successful founders and business builders, experienced investors, as well as family offices and investment funds.  We also have a number of investor migrants investing in Fund 4.  We would like to thank them for their commitments, and look forward to working with them to grow the next wave of iconic Kiwi companies and delivering an outstanding investment return.”

Movac Fund 4 remains open for eligible investors until its final close in April 2017.

ENDS

About Movac

Movac is New Zealand’s largest and most experienced technology investment fund manager. Movac provides growth funding across multiple investment rounds and supports companies with mentoring, advice, and access to international networks.

Founded in 1998, Movac has invested in more than 25 companies, deployed over $65 million in capital, and helped create over 250 jobs for New Zealanders.  Over that time significant returns have been generated for investors with notable results achieved with Trade Me, eBus, GreenButton, and Givealittle.  Current Fund 3 portfolio companies include PowerbyProxi, Aroa Biosurgery, Author-it, 1Above, and Modlar.

www.movac.co.nz

About Ngāi Tahu Holdings

Te Ohu Panga Ngāi Tahu, Ngāi Tahu Holdings, is an intergenerational and Aotearoa New Zealand focused investor with an active approach to investment, managing assets, and governance.  It is the investment company of the Ngāi Tahu Charitable Trust of which Te Rūnanga o Ngāi Tahu is the sole Trustee. Ngāi Tahu Holdings’ role is to create wealth by owning and investing in a portfolio of great businesses and operating them efficiently, profitably, and in line with Ngāi Tahu values.

Under this investment approach, Ngāi Tahu Holdings has interests in farming, property, seafood, tourism, transport, and mānuka honey among others.

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