Pacific Channel closes $55m fund, triggers Elevate funding nbr.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbr.co.nz Daily Mail and Mail on Sunday newspapers.
The fund has invested $500,000 into a startup developing sustainable power.
Auckland-based Pacific Channel has closed its second investment, Fund II, at $55 million, exceeding the target by $5m, and triggering confirmation of $20m investment from the government-funded Elevate NZ Venture Fund.
The 10-year capped fund is now the country’s largest dedicated to deep technology and hopes to invest in between 20 and 25 Kiwi companies developing cleantech, agritech, future foods, advanced engineering, and manufacturing innovation.
The amount raised includes 10% from Pacific Channel management. Managing partner Brent Ogilvie said it was something they wanted to do because of the “nice return” from its first fund, and it provided skin in