NZVIF Joins Forces With A Dunedin Based Upstart

Media Release

NZVIF joins forces with a Dunedin based Upstart

The New Zealand Venture Investment Fund (NZVIF) today announced the addition of a fifth new co-investment partner, Upstart Angels Limited, to co-invest seed funding into high potential New Zealand businesses.

Chief Executive of NZVIF Franceska Banga said, "The addition of Upstart Angels Limited as our funds fifth investment partner is further evidence that the Seed Co-Investment Fund and its partners are having a meaningful impact on early stage investing in New Zealand. With this announcement, co-investing into exciting young businesses in the Dunedin and Southland area can begin in earnest"

Banga said, "Upstart Angels features a number of successful and well known angel investors who have not only succeeded in the New Zealand business environment, they have also built their own world-class companies. Their active investment will be invaluable to young New Zealand businesses just starting out on their own journey."

Upstart Angels, which has emerged from the Dunedin based Upstart Business Incubator, has been running for over 12 months now, and has already identified its first co-investment deal with NZVIF, into Daestra New Zealand Limited. Upstart Angels will mainly focus on technology related deals and will make the investment decisions, while NZVIF will provide matching capital and broad industry and investment knowledge.

Upstart Chief Executive Officer Norman Evans said, "The partnership with NZVIF will complement the investment activity of our 90 Angel investors, allowing us to support more companies. We are looking forward to an exciting and productive investment partnership with NZVIF and to developing more success stories from the South".

Banga added, "This is an exciting time for early stage and angel investment in New Zealand. Seed funding is pivotal to our economic growth, and the more high quality investment activity that can be stimulated, the better placed this emerging industry will be, and the more home-grown economic success stories we will see."

"Any young and innovative companies who are interested in investment capital and the hard-won wisdom of angels who have 'been there and done that' should speak to one of our co-investment partners", Banga concluded.

ENDS

About NZVIF

A cornerstone investor in a vibrant early stage venture capital market Background on Seed Co-Investment Fund

In 2005, the Government added the $40 million Seed Co-Investment Fund to VIF's existing venture capital responsibilities. Combined with the matching seed funding of the new partners, this represents an enormous investment into the early stage sector.

The key objectives of the Seed Co-Investment Fund are to enhance the development of angel investor networks, stimulate investment into innovative start-up companies, and to increase capacity in the market for matching experienced angel investors with new, innovative start-up companies.

Any individuals or syndicates with investment experience and available capital, who have a record of business accomplishment in New Zealand, and who have a passion for fostering early stage business, should contact NZVIF to discuss the criteria for becoming a coinvestment partner.

Background on Upstart Business Incubator

Upstart is about entrepreneurs helping entrepreneurs. If you have an innovative business with ambitions to be large and go global, Upstart can help you get there quickly...

Upstart gives a leg-up to companies who want help to grow fast and generate revenues in the millions. They may be one person start-up companies, or successful small businesses, but each Upstart client is on a mission to rapidly increase their company's value, without greatly increasing their risk. Our mission is to help their growth dreams become real. Upstarts founders, and initial funders are:

* Dunedin City Council
* University of Otago
* Otago Polytechnic
* New Zealand Trade & Enterprise (NZTE)

These organisations shared the common vision of providing impetus to growing companies to help both them and the regional economy to flourish. Upstart Angels is a subsidiary of Upstart Business Incubator, and was started to assist companies from within or without the incubator to get seed funding, as well as to assist Angel investors to access high quality opportunities.

www.nzvif.co.nz

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