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
Movac makes KiwiSaver funds work harder with new tech startup fund 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 figures come from the annual NZ Game Developers Industry Survey of 42 interactive, gaming, virtual reality, augmented reality and education technology companies.
The NZ Game Developers Association said the industry benefited both from being able to continue production during lockdowns as well as soaring demand as people around the world stayed home and played digital and online games. Games and interactive media have given so many people the opportunity to come together when lockdowns and border closures have kept them apart, said NZ Game Developers Association chair Chelsea Rapp. The games industry has proven itself particularly resilient during the COVID-19 pandemic, both here in New Zealand and around the world. We are uniquely positioned to contribute to our economic recovery with weightless digital exports, but that growth will depend heavily on our ability to support young and emerging enterprises.