Wellington fund manager Movac has secured a cornerstone commitment of up to $20 million from the New Zealand Venture investment Fund for its new growth capital fund, for which it is aiming to raise between $80 million and $100 million.
Movac managing partner Phil McCaw, whose previous funds invested in promising companies like Trade Me, PowerbyProxi, Aroa Biosurgery and GreenButton, said the new fund will target the next generation of iconic Kiwi companies.
“Movac Fund 4 will continue the work of our previous funds. It will be a sizable fund in the New Zealand market – at between $80 million and $100 million. With NZVIF’s commitment, we are now raising capital from a range of private and institutional investors.
“It will be focused on ‘later stage’ companies; those that are raising growth capital in the post seed and angel investment stages, that have a team in place to grow the business, and which have the ambition and potential to scale to $100 million-plus in revenue.