Punakaiki founder sees most of govt's $300m VC funds going to foreigners

Fri, 04 Oct 2019

The founder of one of New Zealand's most successful venture capital firms believes his firm won't qualify for funding from the government's $300 million Venture Capital Fund and that most of the money is likely to go to overseas firms. Lance Wiggs, who manages the $50 million Punakaiki Fund, has serious form in the venture capital space and is arguing that the government may be better to do nothing, as the new fund may just get in the way of true New Zealand operators. "Most of the money is going to end up going to Australian-owned funds...

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