Movac fund gets $20 mln from NZVIF as govt mulls its future backing

Sun, 20 Mar 2016

By Fiona Rotherham March 21 (BusinessDesk) - Wellington fund manager Movac has secured a cornerstone commitment of up to $20 million from the government-backed New Zealand Venture Investment Fund for its new capital growth fund, which aims to raise between $80 to $100 million from Kiwi investors. Movac’s previous funds have invested in some well-known and promising local companies such as Trade Me, Green Button, PowerbyProxi, and Aroa Biosurgery. It’s the second time NZVIF has invested into one of Movac’s funds, having previously inves...

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