19 Sep 2012

Start-up fund plans two deals

10:43 am on 19 September 2012

A new start-up investment fund expects to close deals with two companies by the end of September.

The Global from Day One Seed Fund has raised $4.6 million - half of which was raised by private investors - including international ones and the remainder was matched by the publicly funded New Zealand Venture Investment Fund.

The seed fund is managed by angel investor Sparkbox Ventures.

Chief executive Greg Sitters says the fund is looking to invest in businesses which can scale up quickly like cloud-based technology, mobile and modern media and other types of software.

Mr Sitters says the fund aims to invest in about 20 start-up companies with international ambitions over the next four years.