Fund 3 Finalised at NZ$42million.
We’ve officially closed our capital raising activity for Fund 3 having raised $42 million to invest in New Zealand companies. We’re also thrilled to announce the appointment of Silicon Valley-based Kiwi Ben Anderson as a venture partner for Fund 3.
MOVAC 3 Fund is the first investment fund targeting young growth companies to be raised since 2007, and is investing between $1-5 million in New Zealand companies that require growth capital to reach their full potential. In the past decade, MOVAC has made more than 25 investments in New Zealand businesses, and we’re best known for being the original investors in TradeMe.
“Since the launch of the Fund in July last year, we’ve raised another $11m from experienced investors, locally and offshore. It’s been heartening to see such enthusiasm for investment in growing NewZealand companies. We’re investing in Kiwi companies that have developed products, growing revenues, and require external capital in order to maximize their growth potential.” – Phil McCaw
We’re also thrilled to announce the appointment of Ben Anderson as a venture partner for MOVAC Fund 3. Mr Anderson, a New Zealander based in Silicon Valley, is currently a partner with executive search firm Lonergan Partners, and is chair of NZTE’s North American Beachheads Advisory group. Mr Anderson said that he was delighted to be joining the Fund as a venture partner.
“Kiwi companies wanting to go global must have the team, capital and connections in order to succeed. MOVAC Fund 3 is one of very few funds in the NZ market with capital to invest right now. And as a passionate Kiwi, I’m excited about the role that I can play with MOVAC to grow the next wave of successful New Zealand companies.” – Ben Anderson
Ben is a great addition to our team. Ben’s expertise in identifying world-class talent, his global network of senior executives, and relationships with top tier US investment firms will be invaluable for our investee companies as they grow. Ben will play a critical role in ensuring our bridge between New Zealand and the US is in place.