American investor Peter Thiel has established a New Zealand venture capital fund in partnership with the New Zealand Venture Investment Fund and private investors.
The $40 million Valar Ventures Fund provides capital to early-stage New Zealand technology companies, for the development of technology and expansion into overseas markets.
The Venture Investment Fund has committed $20 million, Mr Thiel $15 million, and other New Zealand investors - including Wellington investment company Rangatira - $5 million.
Venture Investment Fund chief executive Franceska Banga says the partnership brings new capital, experience in developing world-leading technology companies and significant networks in the United States and international markets.
Mr Thiel is a prominent US technology investor, best known for co-founding PayPal before selling it to eBay, and for his involvement in Facebook.