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Icehouse Ventures are New Zealand’s most active and respected early-stage venture investment firm. Syndex have partnered with IV for the raise of their latest fully subscribed $30m Seed Fund, giving our accredited wholesale investors the opportunity to gain access and exposure to a portfolio of NZ’s leading technology startups.
Introduction to Seed Fund 4: Optimism around New Zealanders’ ability to found globally significant technology companies is being well validated. In the last year alone, Tradify and Kami exited for ~$300m, immense capital raises into Substack, Supabase, Nuro, Crimson and Halter were led by top-tier VCs, and ecosystem bellwether Rocket Lab continued its rise and rise.
Big companies come from small companies, and Icehouse Ventures is raising a fourth $30m Seed Fund to invest in the next vintage of early-stage tech startups founded by New Zealanders. With over 370 startup investments since 2004, $500m funds under management, a team of 27 and its deep reach into the ecosystem, IV has the time and scale based advantages to find and access the best early-stage opportunities which will emerge over the next several years.
Building on the momentum, learnings and performance of earlier funds, Seed Fund 4 is led by the same team who established and executed IV’s previous Seed Funds (notably joined by founder of Allbirds Tim Brown). These earlier funds have been among the first investors in standout companies including Halter, Sharesies, Mint Innovation, Basis, OpenStar, Tradify, Ternary Kinetics, Tracksuit and many others.
Seed Fund 4’s $30m target has been fully subscribed, and it is now accepting oversubscription ahead of its final close. The minimum investment is $50k, drawn down in annual tranches of 25%. To receive the full introduction pack on Seed Fund 4 including an overview on fund strategy, historical performance of earlier Seed Funds and investment case studies, please register your interest below.
Investor experience: Icehouse Ventures is highly regarded for its market-leading investor platform. Seed Fund investors will receive access to IV’s investor app providing powerful reporting, real-time portfolio communications and access to the latest private co-investment opportunities. Along with this immersive experience, investors will be invited to dozens of annual event, including IV’s marquee Showcase gala dinner at Spark Arena (or one of 11 “watch parties” around the country).
Seed Fund 4 - key details: More information is available to interested investors, with the key terms being:
- Target fund size: $30m+
- Raise status: Fully committed, now taking oversubscription
- Target portfolio size: 30
- Target: Established and high growth New Zealand technology companies
- Minimum investment: $50k (drawn down in four annual tranches of 25% of your commitment)
- Management fee: 1.5% p/a for the first ten years only
- Carried interest: 20% after an 8% annually compounding preferred return hurdle
- Target IRR: 25%
- Investment period: 5 years
- Fund term: Limited partners may resolve to wind up the fund after 12 years
- Fund structure: Limited Partnership
To learn more: To be connected with one of the IV team and receive the full investor pack for Seed Fund 4, along with details of a deep-dive presentation on the fund by IV CEO Robbie Paul, please register your interest below.
