Scott Kennedy

Co-Founder & Strategy Director

Reid McLeay

Senior Webflow Developer

Last Updated:

Jun 8, 2026

New Zealand’s Top Venture Capital Firms For Tech Startups

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Over the past decade, New Zealand's startup ecosystem has matured into one of the most capital-efficient in the Asia-Pacific, supported by a new generation of venture capital firms backing kiwi entrepreneurs from pre-seed through to IPO. Aotearoa has produced globally recognised tech companies including Xero, Rocket Lab, Halter, Tracksuit and Crimson Education, with alumni from these New Zealand companies now playing a role in supporting the next generation of founders as investors, operators and advisors.

Clear information on the New Zealand venture capital market remains harder to find than it should be. Useful detail on fund managers, cheque sizes, assets under management (AUM), sector focus and fund status is scattered, often behind paywalls or buried between LinkedIn intros and pitch decks.

This guide profiles the most active NZ VC firms backing kiwi founders and early-stage startups across SaaS, deep tech, agritech, healthcare, fintech, sustainability and climate, so you can shortlist the right capital partners, compare investment opportunities and prepare for a successful raise.

Icehouse Ventures

Stage: Pre-Seed, Seed, Series A, Series B, Growth, Pre-IPO
Sector: Technology (sector agnostic)
Notable Investments: Halter, Tracksuit, Hnry
Location: Auckland
Website: icehouseventures.co.nz

Icehouse Ventures is New Zealand's most active early-stage venture capital firm, with $630M+ AUM across 375+ portfolio companies. Its Seed Fund IV closed at a record NZ$70M in late 2025, making it the largest seed fund in NZ's history and a defining moment for kiwi entrepreneurs raising at the earliest stages. Its IVX growth fund, raised at NZ$122M earlier in 2025, lets Icehouse follow strongest portfolio companies through to pre-IPO. Trusted by KiwiSaver providers including Simplicity, Generate and Pie, and a long-standing partner of Sir Stephen Tindall's K1W1. Notable early bets include Halter, Tracksuit, Partly, Hnry, Sharesies, Mint Innovation, Dawn Aerospace and First AML.

Blackbird

Stage: Pre-Seed, Seed, Series A, Series B, Growth, IPO
Sector: Technology (sector agnostic)
Notable Investments: Halter, Tracksuit, FirstAML
Location: Auckland, Melbourne, Sydney
Website: blackbird.vc

Blackbird is one of Australasia's largest VC firms, with around $9.9B AUM and a 36% net IRR as at August 2025. The firm runs a dedicated NZ$75M New Zealand seed fund out of its Auckland office and follows on through to growth and IPO. In 2025, Blackbird deployed $357M across 20 new and 31 follow-on rounds, with cheque sizes from pre-seed through to Series F. Notable NZ wins include Halter, Tracksuit, FirstAML and Vessev, alongside more recent AI bets like Lorikeet. Best fit for ambitious Kiwi founders building world-class, category-defining startup companies with global ambitions from day one.

Altered Capital

Stage: Seed, Series A, Series B, Series C
Sector: Technology, healthcare, financial services
Notable Investments: Crimson Education, Starboard, Oritain
Location: Auckland, London
Website: alteredcapital.com

Altered Capital is a more recent New Zealand VC firm, founded in 2022 and backing high-growth startups with proven product-market fit, typically at NZ$1M+ ARR. The firm runs a concentrated portfolio strategy, recently co-leading Starboard Maritime Intelligence's NZ$23M Series A alongside Australian VC firms OIF Ventures and King River Capital. In early 2026, Pie partnered with Altered to become the first KiwiSaver provider to take a direct position in an NZ VC firm. Other portfolio companies include Crimson Education, Oritain, ZILO, MacroActive and Tasso.

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GD1

Stage: Pre-Seed, Seed, Series A
Sector: Deep tech, B2B SaaS, healthtech, connected hardware
Notable Investments: Auror, Dawn Aerospace, Ivo
Location: Auckland
Website: gd1.vc

GD1 (Global From Day One) is a generalist VC firm backing Kiwi technology startups with global ambitions from seed through to scale. Fund 3 closed at NZ$145M in 2022, with NZGCP's Elevate fund committing NZ$45M as its largest single allocation at the time. The team combines venture capital experience with operating backgrounds across Europe, San Francisco and New Zealand, supporting portfolio companies through its GD1 Build program covering go-to-market strategy, growth and HR. Portfolio companies include Auror, Dawn Aerospace, Ivo (legal AI), JunoFem and Alimetry.

Movac

Stage: Pre-A, Series A, Series B, Series C
Sector: SaaS, deep tech, healthtech, aerospace
Notable Investments: Halter, Auror, LawVu
Location: Wellington, Auckland
Website: movac.co.nz

Movac is New Zealand's longest-running VC firm, founded in 1998 in Wellington and currently raising its ninth fund (Growth Fund 7) at a target of NZ$150M to NZ$200M, with $700M+ AUM across previous funds. Past exits include Vend (acquired by Lightspeed), Tradify (The Access Group), PowerbyProxi (Apple), Unleashed (The Access Group) and Aroa Biosurgery (ASX IPO). Movac is the only NZ VC firm with significant LP commitments from NZ Super and multiple KiwiSaver funds. Current portfolio includes Halter, Hnry, Auror, LawVu, Crimson Education and Yabble, with a focus on Series A and Series B.

AirTree

Stage: Seed, Series A, Series B
Sector: Technology, SaaS, fintech, AI
Notable Investments: Hnry, Canva, Linktree
Location: Sydney (Australia)
Website: airtree.vc

AirTree is one of Australia's largest VC firms and an active trans-Tasman backer of New Zealand startups, with around $2B AUM across five funds. The firm writes seed, Series A and Series B cheques into ANZ founders, and its most visible NZ portfolio bet is contractor accounting platform Hnry. AirTree is also known for Open Source VC, a public library of its term sheets, fund documents and investment frameworks. Best fit for Kiwi founders looking for a credible Australian lead investor with deep operator networks across the Tasman.

NZ Growth Capital Partners

Stage: Pre-Seed, Seed, Series A, Series B
Sector: Technology (sector agnostic)
Notable Investments: Kami, Tradify, Quantifi Photonics
Location: Auckland, Wellington
Website: nzgcp.co.nz

NZ Growth Capital Partners (NZGCP) is a Crown entity operating two distinct funds in the New Zealand VC ecosystem. Elevate NZ Venture Fund is an investment fund-of-funds that co-invests alongside private capital partners into local VC managers, with around $246M committed across 11 funds since 2020 and a further $100M added in Budget 2025. Elevate backs funds run by Movac, GD1, Nuance, Outset, Pacific Channel and Blackbird's NZ fund, among others. Aspire NZ Seed Fund invests directly into early-stage companies from proof of concept through pre-Series A, alongside angel investors and private capital. Aspire realisations include Kami, Tradify, Yabble and Quantifi Photonics.

Nuance Connected Capital

Stage: Seed, Series A, Series B
Sector: Deep tech
Notable Investments: Wellumio, Zenno Astronautics, Kry10
Location: Auckland, Tauranga
Website: nuance.vc

Nuance Connected Capital is a NZ$55M+ deep tech VC fund founded by Adrien Gheur and Ngaio Merrick, with NZGCP's Elevate and Alvarium Investments as cornerstone investors. The firm backs Kiwi startups solving global problems through emerging technologies, with a 2025 exit in Quantifi Photonics (acquired by Teradyne). Portfolio companies include Wellumio (medtech), Zenno Astronautics (aerospace), Kry10 and NanoLayr. Strong connections across Southeast Asia, Japan, the Americas and Europe give Nuance an offshore market-access angle few NZ VC firms can match.

Outset Ventures

Stage: Pre-Seed, Seed, Series A
Sector: Deep tech (energy, aerospace, materials, medtech)
Notable Investments: OpenStar Technologies, Zincovery, Wellumio
Location: Auckland
Website: outset.ventures

Outset Ventures combines a deep tech VC fund with New Zealand's only in-house lab and workshop facility for science-led startups. Fund II closed at an oversubscribed NZ$41.5M in May 2025, with NZGCP's Elevate contributing $15M. Alumni include Rocket Lab, LanzaTech and Mint Innovation, and Rocket Lab founder Sir Peter Beck sits on the investment committee. The Future House campus in Parnell currently hosts 20+ deep tech startups. Best fit for technical co-founders building hard science and engineering companies who need lab access alongside venture capital.

Pacific Channel

Stage: Seed, Series A, Series B
Sector: Deep tech, life sciences, climate, agritech, sustainability
Notable Investments: Kitea Health, InsituGen, Cetogenix
Location: Auckland
Website: pacificchannel.com

Pacific Channel is one of New Zealand's leading deep tech VC firms, investing in science-led startups tackling global challenges in health and wellbeing, climate and sustainable food systems. Fund III received a NZ$10M follow-on commitment from NZGCP's Elevate in May 2025, taking total AUM past NZ$125M. The team combines VC experience with scientific and engineering backgrounds, and maintains commercial partnerships in biotech hubs including Boston and New York City. Portfolio companies include Kitea Health, InsituGen, Cetogenix, Vortex Power Systems and Bovonic.

Phase One

Stage: Pre-Seed, Seed
Sector: SaaS, technology
Notable Investments: Ivo, VXT, Contented AI
Location: Auckland
Website: phaseone.ventures

Phase One Ventures is a NZ$2.1M early-stage fund and incubator founded by Mahesh Muralidhar, an early Canva employee and former Simply Wall St COO. The fund closed in May 2025 and now focuses on supporting its 14 portfolio companies, of which 12 have already attracted institutional VC backing from Blackbird, GD1, Icehouse and US VC firms including Fika Ventures and Uncorked Ventures. Phase One continues to run its incubator community for Kiwi co-founders alongside the closed fund, with GD1 as anchor investor.

Punakaiki Fund

Stage: Seed, Series A, Series B
Sector: B2B SaaS, technology
Notable Investments: Couchdrop, Projectworks, Raygun
Location: Auckland
Website: punakaikifund.co.nz

Punakaiki Fund is one of only three NZ VC firms with more than a decade of continuous activity, operating an evergreen structure with NZ$123M AUM as at September 2025. The fund focuses on revenue-generating B2B SaaS startups with defensible competitive positions, and is managed by 2040 Ventures. Its largest exit to date was Quantifi Photonics, acquired by Teradyne in May 2025. Co-founded by Lance Wiggs and Chris Humphreys, Punakaiki applies a Responsible Investment Policy excluding crypto and high-emissions sectors. Best fit for revenue-generating private companies looking for patient growth capital from a fund willing to back winners over the long term.

WNT Ventures

Stage: Seed, Series A
Sector: Deep tech (agritech, advanced manufacturing, medtech, aerospace)
Notable Investments: Mint Innovation, FoundryLab, CarbonCrop
Location: Tauranga, Auckland
Website: wntventures.co.nz

WNT Ventures is a Tauranga-based deep tech VC firm with a decade-long track record, currently raising Fund 4 at NZ$35M. WNT is the only VC reappointed to the Government's Technology Incubator Programme (now administered by MBIE) and has delivered realised returns in six consecutive years. Portfolio startups span aerospace, agritech, medtech, advanced manufacturing and climate, including Mint Innovation, FoundryLab, CarbonCrop, Bspkl, Argo Navis Aerospace and Opo Bio.

Angel Investors & Family Offices

Not every cheque written into a New Zealand startup comes from a venture capital firm. The local early-stage market has two other capital sources founders consistently encounter, and that often appear alongside the VC firms profiled above as co-investors. Angel investors and family offices remain a critical part of the venture capital market for new business at the earliest stages.

ICE Angels

Stage: Pre-Seed, Seed

Sector: Sector agnostic

Notable Investments: Rocket Lab, Vend, Sharesies

Location: Auckland

Website: iceangels.co.nz

ICE Angels is New Zealand's largest angel investor network with 150+ active members, founded in 2003 and historically part of the broader Icehouse group. The network typically writes syndicated rounds of NZ$250k to NZ$1.5M at pre-seed, and is often the first round of funding on the cap table for Auckland-based founders. Strong portfolio startups frequently move from ICE Angels into Icehouse Ventures' institutional funds as they scale.

K1W1

Stage: Pre-Seed through Growth

Sector: Sector agnostic

Notable Investments: Rocket Lab, LanzaTech, Halter

Location: Auckland

Website: k1w1.co.nz

K1W1 is the investment company of Sir Stephen Tindall, founded in 1999 and one of the most foundational backers of NZ's startup ecosystem. Around NZ$350M deployed across roughly 175 companies, with notable bets including Rocket Lab, LanzaTech and Halter. K1W1 doesn't take cold pitches and typically participates as a co-investor alongside lead VCs, often anchoring rounds with quiet conviction.

Comparing VC firms in New Zealand

Most advice on choosing a VC firm hands founders a checklist (sector fit, stage fit, follow-on capacity, founder references) and stops there. The checklist is fine. It is also what every other guide says. Here is what we see founders of New Zealand companies get wrong more often.

Optimising for the brand on the term sheet, not the partner.

The fund's reputation matters less than the relationship with the specific partner who will sit on your board, review your hires, and decide whether to support the next round. Two partners at the same firm can have very different operating styles. Ask which partner would run the deal, then talk to two or three founders that partner has actually worked with at the same stage you are at.

Underestimating follow-on capacity.

A fund that writes a great first cheque but cannot follow on at Series A or B will quietly dilute you when the next round arrives. NZ has a small number of firms with genuine follow-on capacity (Icehouse, Movac, Blackbird, Altered). Most others rely on offshore co-investors to lead later rounds, which is fine but adds risk. Ask explicitly what percentage of the next round each firm can lead or support.

Treating offshore capital as the prize.

It is not always the right answer at seed or Series A. A credible local lead with deep NZ relationships, good follow-on capacity and a partner who returns your calls is usually a better outcome at the earliest stages than a small cheque from a US fund that will not show up between board meetings. Offshore capital becomes more useful at Series B and beyond, when scale, deal flow and network reach matter more than hands-on support.

Confusing money with product-market fit.

The first term sheet feels like proof you are onto something. It is not. The right capital partner is the one who improves your odds of building a real company, not just the one who gets to yes first. Take the time to run a proper process if you can afford to.

FAQs

What should a New Zealand venture capital pitch deck include?

A strong pitch deck for NZ venture capital firms covers the problem, the market, the product, the traction, the business plan and the team. Investors want to see how large the global opportunity is, why your business model can scale, what your valuation expectations are, and what evidence you have of high-growth potential. A clear pitch deck template should also cover financials, use of funds, and a feasibility assessment of your go-to-market plan. Be specific about milestones. A pre-seed or seed-stage deck should focus on your prototype, early traction, intellectual property position, and a credible go-to-market plan. A Series A deck needs revenue, unit economics and a clear use of funds. Highlight your co-founder team, advisory board and any angel investment already on the cap table. Where possible, reference comparable Kiwi startups such as Halter, Tracksuit or Hnry that have followed the path you're aiming for, or global companies in your category that demonstrate the scale of the opportunity. NZ venture capitalists look for ambition and high returns, but they also look for founders who understand the realities of building a venture-backed new business from a small domestic market. A credible offshore expansion path, usually starting with Australia or the US, is non-negotiable for most NZ VC firms.

What do New Zealand VC investors expect in due diligence?

Due diligence in New Zealand is run by the investment committee inside each venture capital fund. They will review financials, ownership structure, intellectual property, governance, employment agreements and compliance, alongside customer references, high quality case studies and product evidence. Founders should prepare a clean data room covering cap table, equity splits, IP registrations, customer contracts, R&D Tax Incentive history, employment agreements under NZ law, and any prior funding rounds. If the fund includes LPs structured as fund of funds, family offices, iwi entities or KiwiSaver providers, expect deeper scrutiny on financial controls and governance. Be ready to walk investors through your traction, business model and plan to reach the next stage of growth. Transparency builds confidence faster than polish. Founders who try to hide weak spots usually get caught out in due diligence, which is the worst possible time for surprises. First-time founders should consider working with an experienced advisor for financial advice before entering diligence.

How is venture capital different from private equity in New Zealand?

A private equity firm in New Zealand, including Pencarrow Private Equity, Direct Capital and Maui Capital, invests in mature businesses, often using leverage to acquire established companies and improve operational performance. Their capital typically comes from superannuation funds, family offices, hedge funds and the sophisticated wholesale investor, and they target returns through operational improvement or buyouts. Venture capital firms back earlier-stage companies. They invest in startups and high-growth technology companies where the upside comes from rapid scale, not operational optimisation. NZ venture capital investors accept higher risk in exchange for the chance of outsized returns when a portfolio company reaches Series B, growth-stage or IPO. For most NZ tech startups, venture capital is the right fit. Private equity tends to come later, often once a company is profitable and looking at a buyout or recapitalisation rather than another growth round.

What other funding options are available to New Zealand startups?

Beyond venture capital, Kiwi founders have several funding options at the earliest stages. Angel investment through ICE Angels, AngelHQ, Enterprise Angels and Flying Kiwi Angels remains the most common path for first-time founders raising pre-seed. Seed grant funding via the Government's innovation funding initiatives and programmes (now administered by MBIE) supports research and development for science-led new business, often in partnership with universities and Crown research organisations. Crowdfunding platforms like Snowball Effect and PledgeMe offer an alternative path for consumer brands and community-aligned ventures, with retail investors backing companies they believe in. Mentoring and feasibility support is available through programmes including Founder Catalyst by Ministry of Awesome (Christchurch), The Icehouse, Startup Queenstown Lakes, and Soda Inc (Hamilton). For Māori founders, Kōkiri Accelerator and Poutama Trust offer dedicated commercialisation support alongside private sector capital. Many private companies combine these options before raising their first institutional round. These pathways are not mutually exclusive. A startup company at the earliest stages often combines a seed grant with angel investment, then layers in institutional VC at seed or Series A once early-stage milestones are hit.

What is the R&D Tax Incentive and why does it matter for NZ startups?

The R&D Tax Incentive (RDTI) is a 15% tax credit on eligible research and development expenditure for New Zealand businesses. Originally administered by Callaghan Innovation, the RDTI is now administered by MBIE following Callaghan's disestablishment in 2025, with Inland Revenue managing the tax credit element jointly. For venture-backed Kiwi tech companies, the RDTI is standard infrastructure. It effectively extends runway by reducing the net cost of building product, particularly for deep tech, SaaS and healthtech early-stage startups with significant engineering or science spend. Many startups offset payroll tax obligations with their RDTI credit, which improves cash position ahead of the next funding round. The RDTI sits alongside other forms of government funding for early-stage companies, including grants via Te Pūtea Whakatupu and sector-specific support administered by MBIE. For most venture-backed companies, the RDTI is the most material of these because the credit scales with R&D spend rather than being capped per grant. Eligibility is tied to the type of R&D being conducted (it must seek to resolve scientific or technological uncertainty), not the company's funding stage or sector. Founders should engage with the RDTI early, ideally before their first equity round, because R&D activity needs to be documented contemporaneously to qualify.

How do New Zealand VC firms compare to Australian and Silicon Valley funds?

Silicon Valley VC firms set the global benchmark for venture capital. Funds based in San Francisco, California and Menlo Park including Sequoia Capital, Accel, Andreessen Horowitz, Kleiner Perkins, Khosla Ventures, Bessemer, Founders Fund, General Catalyst, Lightspeed Venture Partners and New Enterprise Associates write the largest cheques, lead the biggest Series A and Series B rounds, and back startups aiming for massive scale from day one. Iconic case studies including Airbnb (founded in California) and Coinbase (founded in San Francisco) show what these early-stage investors look for when backing a venture-scale investment fund opportunity. Many of these firms now also operate from New York City, with deal flow extending across the US. Australian VC firms including Blackbird, AirTree, Square Peg and Folklore are far more active across the Tasman. Blackbird now operates a dedicated NZ$75M New Zealand seed fund and AirTree backs select NZ startups including Hnry. Series A rounds for NZ startups are now regularly co-led by Australian VC firms alongside local investors. NZ VC firms typically write smaller cheques than Australian or US funds at every stage, but they offer deeper local relationships, longer time horizons, and the ability to combine with Crown-backed co-investment through NZGCP. For most Kiwi founders, the strongest setup is a credible local lead at seed or Series A, with Australian or Silicon Valley capital partners joining as the company scales. Connecting with US funds like Khosla Ventures usually happens later in the journey, often through warm introductions from local investors with existing relationships in California and New York City.

What are typical cheque sizes from New Zealand VC firms at each stage?

Cheque sizes from New Zealand venture capital firms are smaller than those in Australia or the US at every stage, and rounds beyond Series A almost always involve offshore co-investors. Valuations move with the market and your stage. Strong unit economics, clear growth potential, and a credible plan for the next round are the biggest drivers of where in these ranges you land. Approximate ranges in the current market: Pre-seed: NZ$100k to NZ$750k, typically from specialist seed funds, angel investor networks such as ICE Angels, or family offices like K1W1. These rounds usually involve a mix of angels and other early-stage investors rather than institutional capital. Seed: NZ$500k to NZ$3M, led by NZ VC firms such as Icehouse Ventures, Blackbird NZ, Pacific Channel, Outset, GD1 or Nuance. Series A: NZ$2M to NZ$10M, often co-led by a local fund and an Australian or US investor. Series B and growth-stage: NZ$10M to NZ$40M, almost always involving offshore capital, with Movac, Icehouse IVX and Altered Capital active locally. Later-stage and pre-IPO: NZ$25M and above, typically led by international funds with continued participation from earlier investors.

How long does it take to raise venture capital in New Zealand?

A typical NZ venture capital raise takes three to six months from first investor conversation to funds in the bank, assuming the round comes together. Faster rounds happen, but they are usually preceded by months of informal investor relationships rather than a cold process. The rough shape of a well-run raise: two to four weeks preparing materials (pitch deck, financial model, data room), four to eight weeks of investor meetings and follow-ups, two to six weeks negotiating the term sheet with the lead investor, and four to eight weeks of due diligence and legal documentation before funds are released. Pre-seed and angel rounds can move faster, sometimes closing in six to ten weeks. Series A and later rounds usually take longer, particularly when offshore co-investors are involved or KiwiSaver-linked LPs require deeper governance review. Two factors slow most NZ raises down. The first is finding the lead investor. Once a credible lead commits, the rest of the round often closes quickly. The second is end-of-year and start-of-year timing. December through mid-February is genuinely slow for most NZ VC firms because investment committees do not meet, and offshore co-investors are on holiday. Founders raising into that window should plan for a longer process or aim to close before mid-November. The best founders treat fundraising as an ongoing relationship-building exercise rather than a discrete event. Most successful NZ raises are won in the months before the formal process begins, not during it.