Icehouse Ventures chief executive Robbie Paul says the investment would help the company build its portfolio, with additional staff, technology and other resources. Photo: 123RF
Venture capital (VC) firm Icehouse Ventures has raised $10 million in equity to fund its growth.
Chief executive Robbie Paul said the investment would help the company build its portfolio, with additional staff, technology and other resources, such as legal, communications, human resources and finance.
The raise was oversubscribed and supported by New Zealand business leaders and entrepreneurs, as well as overseas investors from Japan, Singapore, Hong Kong, the United Kingdom, Belgium, Germany, and the United States.
Paul said broad interest in the capital raise reflected the widespread support to help make technology New Zealand's largest export.
"Even the investors who declined this opportunity shared an optimism for the bright future ahead for New Zealand's start-up community," Paul said.
The money would be used to help Icehouse Ventures find, invest in, and support more companies from pre-seed to pre-IPO.
"The entire VC industry exists to enable businesses to grow faster and aim higher," Paul said, adding the previous equity round had raised $5m.
"Since our first capital raise in 2019, we have proven that equity capital can help us do the same and be a better partner to the most ambitious founders," he said.
"With 1500 investors in our funds and 320 portfolio companies, we have proven that a large, diverse, and aligned network can provide unmatched support to founders."