Kiwi Growth plans to finance software firms

Hamilton-based Kiwi Growth Partners has teamed up with US investment banking firm Millennium Capital Quest Corp (MCQC) with a view to injecting up to USUS$100 million (US$149 million) in the local software sector.

According to a report in the Dominion Post today, Kiwi Growth wants to invest time and money in helping new companies, venture capital firms and technology companies.

Kiwi Growth Partners, run by American Alvin Donovan and Hamiltonian Brent Miles, has secured a financial commitment from US merchant and investment banking company and is now seeking for local software companies that are looking to grow.

Mr Donovan told the Dominion Post the company would provide services, such as mentoring and sourcing funds, in return for equity.

He said a lot of New Zealand business people did not know how to source US funding.

MCQC will provide Kiwi Growth Partners with a credit facility for its clients.

- NZPA