Venture capital fund targets tech start-ups

A new fund called the 2 Ignite Fund aims to attract $50 million from New Zealand institutions and investors to invest in technology-based companies.

Andrew Duff and Henry Tait, who formed angel investment company Sparkbox along with Greg Sitters and Professor Mark Ahn, are involved in the venture.

The 2 Ignite Fund will focus on post-angel investment companies, which are now looking for new equity to move to the next stage of their development. It aims to invest in approximately 12 companies.

The New Zealand Venture Investment Fund (NZVIF) is committing up to $20 million.

NZVIF chief executive Franceska Banga said that with New Zealand's existing venture capital funds reaching the end of their active investment phase, 2 Ignite would help to fill a gap in the current early stage investment market.

- NZPA