NZVIF Commits $14.45m to Innovation Fund

Media Release – March 21 2007

NZVIF Commits $14.45m to Pioneer Capital Partners’ New Zealand Innovation Fund

The New Zealand Venture Investment Fund (NZVIF) is pleased to announce an initial co-investment commitment of $14.45m to Pioneer Capital Partners’ (Pioneer) New Zealand Innovation Fund.

NZVIF Chief Executive Franceska Banga said, “The launch of Pioneer’s New Zealand Innovation Fund is good news for our venture capital industry and also for New Zealand technology companies that are seeking a combination of both growth capital and business capability, to build and ultimately take their companies into the global market place.

We are delighted to be investing with Pioneer, they have a high calibre team that is committed to investing in a portfolio of the most promising New Zealand technology companies they can find.”

Economic Development Minister Trevor Mallard said: 'The government set up the Venture Investment Fund to help build venture capital support for New Zealand start-up companies with high growth potential and the formation of this partnership will certainly help in this goal.

It is also great to see this fund aims to help these companies get into international markets - as New Zealand needs more globally competitive firms if we are to transform New Zealand into a high wage, export-led and innovative economy."

Randal Barrett Pioneer General Partner added, “We are delighted to have the NZVIF join our investment programme and participate in the investments we are making in New Zealand companies expanding in off-shore markets.

The NZVIF’s recently expanded investment focus is strongly aligned with our own and its position as New Zealand’s leading institutional investor in growth company focused funds makes them an ideal fit with our other investors. We look forward to working with Franceska and her team over the coming years”

Pioneer is an investor in early and expansion stage New Zealand companies focused on export and growth in large international markets.

With an investment focus on specialised manufacture and design and information and communications technology and a mandate that includes expansion stage businesses, Pioneer is ideally positioned to partner with a number of New Zealand’s most promising growth companies.

The Pioneer team features an impressive line-up of experienced entrepreneurs and business people, with a track record of successful investing in New Zealand and abroad.

The full-time management team includes Randal Barrett, Matthew Houtman and Joe Rouse. Greg Muir is Chairman, and other part-time team members include Chris Jones, Phil Holliday and John Storey.

Pioneer’s New Zealand Innovation Fund is the sixth fund established within NZVIF’s Venture Capital Programme.

Thirty-six early stage companies have received investment through the Venture Capital programme, with total of $118 million invested.

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