We’re starting to build some good momentum pulling together our next investment partnership. Creatively we’ve called this Fund 3 (thought of the name myself) and the plan is to focus on the early expansion end of the market – companies with some good proof behind them, needing up to $5 million to accelerate their entry into markets. ¬†We hope to have this Fund up and running in the early part of the new year.
I’m really pleased to announce some excellent additions to our team for Fund 3:
Richard Palmer – Richard is joining us as a General Partner (technical term meaning that he will do real work) after spending the last four years with NZVIF where he lead the Seed Co-investment Fund. Richard brings additional insights into the NZ investment scene to the MOVAC team along with significant experience of operating Venture Funds internationally. We’re making good progress with Richard, since joining he’s lost the tie and last week even the ‘chinos’ were left at home.
James Graham – James is joining us as a Venture Partner (technical term for a very important person, with loads of experience, but won’t be overworked day-to-day). James is an Irwi (Irish Kiwi) who relocated to New Zealand many years ago after a distinguished international banking career. James is an active investor in early stage New Zealand companies and compliments us by bringing an exceptional international network along with his experience of founding an IP commercialisation business in the UK. While James remains loyal to Irish rugby, he’s really a closet All Black supporter.
Greg Cross – Greg is joining us as a Venture Partner and is the executive chair of one of our existing portfolio companies – PowerByProxi. Greg has been an active supporter of the New Zealand entrepreneurial sector for many years. He has just handed over the chair role for the NZTE Beach Heads programme after serving as the founding chair for six years and is the current chair of the IceHouse incubator in Auckland. Greg further extends our ability to tap into international networks to help accelerate the growth of the companies we invest in. Greg’s real passion is cycling, in his spare time he’s leading the charge to get a Kiwi team competing in the Tour de France by 2015.
I’m really excited that Richard, James and Greg have agreed to join us in the next chapter of MOVAC’s journey. They’re great compliments to our team and each incredibly able and passionate about working with and helping young NZ companies.