VC

Partners of Auckland-based early-stage VC fund Sparkbox Ventures and Taipei-based VC firm Pinehurst Advisors have launched a US$30 million cross-border technology fund.

Christened Global from Day One (GD1) Fund II, the firm will invest in New Zealand startups with a focus on offshore markets. A portion of the fund will also be applied to startups aiming to use Taiwan as a springboard to achieve growth in Asia.

GD1 will be looking to invest between US$250,000 and US$1.5 million in pre-Series A and Series A stage startups. The fund is expected to invest in around 20 companies in the areas of software, Internet and smart devices or ‘lean hardware’ in New Zealand and Taiwan.

The fund has already received commitments to the tune of US$19 million, as per an official statement.

New Zealand Venture Investment Fund (NZVIF) and Taiwan’s National Development Fund have committed around US$7.5 million each. Around 20 per cent of the capital has been committed by the fund’s managers, with the rest being raised from private investors in New Zealand, Taiwan, Singapore, Hong Kong, and the US.

GD1’s Chintaka Ranatunga will manage the fund’s investments alongside Mark Hsu and Kevin Chen.

“From a New Zealand Inc perspective, one of the chief benefits of the partnership NZVIF has with Taiwan’s National Development Fund is that it opens access to new networks and markets for fund managers and the high growth companies they invest in. This is the second venture capital fund established as a joint New Zealand-Taiwan arrangement,” said Franceska Banga, CEO of NZVIF.

GD1 Fund II’s managers have broad experience in working with technology companies throughout Asia and North America. They have invested in over 100 early-stage companies, including successful New Zealand companies like Xero, Booktrack, MishGuru and GreenButton.