Booster welcomes new fund but says more needs to be done
Monday, June 3rd 2019, 12:56PM
The Government’s Budget announcement of a new $300 million venture capital fund is a welcome injection into New Zealand’s capital market, says Booster Managing Director Allan Yeo.
“We have many innovative mid-sized new businesses here that have been limited by lack of funds. The country hasn’t historically invested in developing these vibrant businesses, which have huge potential for growth. It’s important that we support Kiwi businesses with investment that allows them to stay Kiwi owned so we can keep jobs and intellectual property here,” says Yeo.
“It’s important that the government sets well-defined goals for this new fund. The announcement will be welcome news to many businesses today, but we need more specific guidance on what the objectives of the fund are and what kind of companies it will target before they get their hopes up.”
“We know from our own Booster Tahi Fund that there is enormous potential to harness active investments, so it’s great to see the Government acknowledging the capital gap for companies between $2-15million that move beyond initial start-up.”
“$300 million is a good start but far more is required. That is why we have invested, and will continue to invest, in this area.”
Booster’s Tahi fund is invested in horticulture, wine and soon, high-end manufacturing.
“Only a fraction of New Zealanders invest back into New Zealand businesses, instead preferring passive investments such as housing."
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