The largest angel investment event in New Zealand has generated $3 million worth of seed capital for nine startup businesses.
The Lightning Lab programme, backed by the Ministry of Business Innovation and Employment and a group of founding investors including Sir Stephen Tindall's K1W1 fund, chose the nine startups from 80 applications.
Director Dan Khan says the valuation of the companies, based on the investment offered at Demo Day, came to about $9 million.
This was for companies that were mostly nothing more than ideas in February, Mr Khan says.
