Investment boost for Manawatu tech businesses

For Immediate Release September 24, 2007

Investment boost for Manawatu technology businesses

Local technology businesses are getting a boost from a new investment group comprising some of Manawatu’s key business leaders.

The Bio Commerce Centre has established the Manawatu Investment Group (MIG) to help support start-up technology businesses in the region. MIG is a network of high net-worth Manawatu individuals with an interest in investing in early-stage, high growth-potential companies.

Today [Monday] the New Zealand Venture Investment Fund (NZVIF), set up by the Government to invest in high-potential New Zealand businesses, announced that MIG has become its latest Seed Co-Investment Fund partner.
The Bio Commerce Centre’s Chief Executive Officer Dean Tilyard said, “This new group will make life easier for the region’s technology companies. And the partnership with NZVIF will enable us to invest even more actively into the many high-potential young companies in this area. We are looking forward to an exciting and productive investment partnership with NZVIF and to developing more success stories from the Manawatu.”
Chief Executive of NZVIF Franceska Banga said, “The addition of MIG as our sixth investment partner is an encouraging signal that the Seed Co-Investment Fund is connecting with the regional innovation centres of New Zealand. We look forward to investing into exciting young businesses in the Manawatu region alongside MIG.”
SCIF has only given its approval to five other New Zealand investment groups, in Auckland, Wellington, Christchurch, and Dunedin. MIG is the only regional group to be approved to date.

SCIF will invest up to $250k in each deal, making a significant reduction in risk for the investor.

MIG has just made its first investment, into Xenos Ltd, a Bio Commerce Centre-associated company. Xenos manufactures equipment for aseptic (sterile) bottling of long-life beverages, and contract-manufactures beverages for companies such as Arano.

Mr Tilyard says that more companies have been earmarked for investment in the next 12 months. “We’re looking at about 10 companies and are open to all technology-based businesses, not just those in The Bio Commerce Centre. The MIG is now open for business and we want to hear from companies looking for investment.”

If you have a business opportunity that needs investment to reach its potential, please contact the Manawatu Investment Group on info@biocommerce.co.nz.

ENDS

Notes for Editors
About the Manawatu Investment Group (www.biocommerce.co.nz/investment.html)
MIG is operated and facilitated by The Bio Commerce Centre, and connects Manawatu’s next generation of start-up and fledgling technology businesses with equity investment from experienced business operators.
A typical investment proposition that would be considered by MIG would have:
 A requirement for a $100,000-plus investment
 Its technical feasibility proven and product development advanced
 A market opportunity identified.

MIG offers aspiring companies:
Investment capital and the opportunity to involve experienced and successful business people in shaping and growing your business.

About NZVIF’s Seed Co-Investment Fund (www.nzvif.co.nz)
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.

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