New venture capital funds that invest in young innovative companies are expected to plug a gap in the funding market.
The New Zealand Venture Investment Fund has $50 million available to set up new venture capital funds, which will invest in young, high-growth New Zealand companies.
The fund's chief executive, Franceska Banga, says it will commit between $10 million and $25 million to one or more new funds, which will focus on emerging New Zealand technology companies that need capital to expand.
Ms Banga says there's a recognised gap in the market for investments of between $2 million and $4 million.
Proposals for new funds are being accepted until 27 September.
