New $1m Fund Opens to Applications from Startups

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New $1m Fund Opens to Applications from Startups

PALMERSTON NORTH, July 5, 2011 – MIG Angels, an early stage angel investment group associated with commercialisation centre the Bio Commerce Centre, has opened itself to applications for funding from seed and startup companies after raising $1 million for its new angel investment fund, MIG Angels Fund 1.

MIG Angels spokesman Dean Tilyard said MIG Fund 1 will target potential investments at the seed and start up phase of emerging businesses, “early stage ventures generally have high risk profiles but can also offer high growth prospects and the potential to make significant contributions to the country’s economic future”.

Tilyard said the Fund is purposefully designed to invest in syndicated investment rounds alongside individual MIG Angels members and other investors from around New Zealand and would expect MIG Fund 1 to be part of “investing with other investors’ amounts totaling between $100,000 and $1m per company”.

MIG Fund 1 will look to invest in around ten companies over the next twelve to twenty four months. The Fund’s investment coordinator Claire Cilliers said “potential investments could be in any sector and come from across New Zealand, although MIG Angels is particularly interested in potential investments from the wider Manawatu region."

Companies interested in MIG Fund 1 are advised to contact MIG Angels.

MIG Angels has around forty individual high net worth members and has previously made investments in technology companies Xenos, Anzode, Speirs Nutritionals and Polybatics.

ENDS

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