Friday 13th December 2002 |
Text too small? |
Directors Peter Allport, Jenny Morel and Mark Edwards said in a statement they were delighted with the achievement after signing their agreement with the government's Venture Investment Fund (VIF) on November 27.
By yesterday sufficient investors were signed up to the fund to allow the directors to declare a first close. The first close gives the fund commitments of $10 million from VIF and $20 million from other investors, making the fund operational and able to make offers of investment to what the directors described as "exciting young companies."
The fund will remain open to new investors for up to six months. The total commitment of VIF to the fund is up to $15 million (to be matched two-to-one by other investors). The directors plan to raise more to give "some flexibility to invest in later-stage companies as well which are outside the VIF area of investment."
The directors said the $20 million from other investors included one institutional investor.
"[We] are particularly pleased to have [our] first New Zealand institutional investor and hope this will give others confidence to invest in the developing venture capital industry. It also includes a substantial commitment from investors in No 8 Ventures' first fund," their statement said.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes