Icehouse Ventures

News, articles and resources from the Icehouse Ventures team.

Recent Posts

The 2021 Startup Year in Review

December 2021 by Icehouse Ventures posted in Startups, Founders, Growth


Every year we take a look back at the year that was in our Startup Year in Review - a video that documents and celebrates the startups that have reached major milestones throughout the year.

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Icehouse Ventures' Brave Young Founders

September 2021 by Icehouse Ventures posted in Startups, Founders, Portfolio


Last month we held the 5th annual Icehouse Ventures First Cut Challenge - our nationwide search for New Zealand’s most promising young founders.

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Icehouse Ventures is Hiring

June 2021 by Icehouse Ventures


Icehouse Ventures back brave kiwi founders with unique insights who are building global companies. We're looking for people who are inspired by helping these ambitious entrepreneurs achieve big things.

We are NZ's most active venture capital firm, with over $140m funds under management, and a portfolio of 240+ of the countries most exciting early-stage businesses (like Sharesies, Ethique, Mint Innovation, Halter, Narrative, Dawn Aerospace, Tradify and FirstAML).

If you have a superpower and a passion for startups, we'd love for you to join us.

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Access to 100 brave Kiwi startups through the new IV100 fund

December 2020 by Icehouse Ventures posted in Funds


Icehouse Ventures has launched its second index-style fund, “IV100 II”, offering unprecedented access to 100 brave New Zealand startups. 

With plans to raise $10m, IV100 II will invest into 100 startups over the next three to four years. The first $5m has already been raised (the fund was initially launched in September) and ten startups have already been backed including Organic Initiative, Remotely, Refund Club, and HeartLab.

IV100 II opens up access to a portfolio of companies across a wide variety of industries and stages of their capital raising journey, from pre-seed funding to Series B expansion capital.

The new fund follows the success of the first IV100 raised in 2017, which backed its 100th company, Revolution Fibres, in March this year. It specifically co-invests in well-funded startups backed by one of its other active funds such as Tuhua Ventures or the newly launched Level Two Ventures deep tech fund.

Unique insights on the backed startups are presented to the fund’s contributors via a new Icehouse Ventures Investor Portal. Launched in July, the portal offers a simple way for investors to observe, learn and compare the progress of more than 100 companies across a variety of founders, business models, industries, growth stages, and missions.

Investors can use these insights to pick and choose the individual startups they like the most, identify opportunities where they can help the startups grow faster, and then invest further in their subsequent rounds. 

CEO Robbie Paul says the IV100 funds are new territory for New Zealand: “Our second IV100 fund is enabling a magnitude step-change in diversification at an investment quantum previously reserved for individual company investments. In many ways, it is democratising the ability for Kiwis to get exposure to venture investing, an asset class where they have traditionally been left out, priced out, and jargoned out."

“In an asset class defined by one-in-one-hundred outliers, missing one outlier can be the difference between success and failure. Local investors in 2008 did not know they would be defined by wireless power or accounting software.”

He says the type of diversification offered by IV100 has been historically limited to ETFs and other listed funds. Of the startups that are part of the IV100 funds, 23 are led by female founders, 22 were started by entrepreneurs who were under 30, 21 are deep tech companies, and 18 are ‘impact” ventures striving to create tangible positive environmental or societal outcomes.

IV100 taps into Icehouse Ventures’ unique deal flow as one of the most active investors in New Zealand. The group is on track to invest more than $30m into 75 companies in 2020.

The fund is currently open for investments from eligible investors and there is an Information Pack available to interested parties. 

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Compostic launches world's first compostable cling wrap.

December 2019 by Icehouse Ventures



Jonathan Reed, founder of Compostic, first thought up compostable cling wrap in early 2018. With a dream to replace the plastic version in your kitchen draw, John and his team created the world's first certified home-compostable cling wrap.

The Compostic team partnered with Flux Accelerator in June 2019, shortly before moving into the Icehouse shared office space. Jon and his team literally work side-by-side, sharing the same values, vision and zeal for life.

Since launching their product range in November, Compostic has made exceptional progress, signing with NZ Wholefoods companies Foodstuffs Ltd and Huckleberry Farms. Compostic products can be found in South Island New World and Pak'nSave stores with North Island distribution coming in early 2020. Jon made an appearance on the The AM Show, Newshub, in June, where he spent some time showcasing his range of biodegradable products.

Compostic also have U.S distribution in the pipeline, which means the team stand to suitably serve the global circular economy for years to come.

Connect with Compostic here:




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We're Hiring an Operating Partner

December 2019 by Icehouse Ventures


  Our team are looking to hire an Operating Partner for Flux. This role exists to deliver an exceptional UX to the founders we back, and to scale Flux as a pre-eminent first investor in kiwi startups. Our ideal candidate is an operator ready to roll up their sleeves to help find new companies, support our existing group of founders, and manage the community around Flux to maximally impact the startups within it. We've now closed our third fund to empower ambitious early stage startups around NZ.

About Icehouse Ventures

  Icehouse Ventures is an investment group that backs New Zealand's leading high-growth companies. The group includes the Ice Angels and ArcAngels investor networks, Tuhua Ventures, Eden Ventures, First Cut Ventures, a number of passive funds and the Flux Accelerator.
We have collectively invested over $132m into 192 startups since 2001. Icehouse Ventures was capitalised in 2019 with investment from Simplicity, Jarden, Sir Stephen Tindall’s K1W1 and private investors to scale our investment and support for startups.

About Flux

Flux is New Zealand's leading accelerator. We are a combination of an early stage fund and mentor community who provide hands on support to every founding team we invest in. Our mission is to build the ultimate place in NZ to start a high-growth, venture-backed company.

Since the inaugural Flux programme in 2017, we've backed 18 startups around NZ, including: Genoapay (acquired by Latitude), Narrative, First AML, Jasper, Rocos, Social Club, Vidapp, Compostic and more. Flux alumni employ >110 people (and counting), and have raised >$16m from investors like Founders Fund, Chris Heaslip and Elliot Crowther (PushPay co-founders), iFlytek, M7, Tuhua, Eden Ventures, K1W1, Ice Angels and many more.

About the Role

What You'll be doing:

Deal Sourcing

  • Actively source new early-stage investments around NZ. Engage founders and educate them about Flux and Icehouse Ventures. Use creative strategies or our network to identify promising early stage teams that may not have heard about us yet.

  • Evaluate hundreds of early stage startups who seek investment, help or both from our team each year. Become a first port of call for seed stage startups within our team at Icehouse Ventures. Help identify prospective investments to run through due-diligence with support of our wider team.

  • Progress prospective investments, build trust with entrepreneurs through hands on help, and activate our mentor/ investor/alumni network to support their mission. Create advocacy for our brand among founders.


  • Actively seek to build new relationships with exited entrepreneurs, investors, prospective mentors and partners that can add value to our community of founders.

  • Manage existing community relationships and activate them through timely, regular connection into our companies.


  • Host weekly office hours with each new intake of Flux teams (during their first 6 months at our office). Find ways to impact our startups on a regular basis.

  • Create and manage our regular event series for Flux companies. These dinners and lunches are a focal point in bringing our founder community together, and include sessions held by alumni founders, notable entrepreneurs, thought leaders and visting VC's.

  • Foster the community connection between Flux participants, alumni and mentors. Onboard all new companies to our space, and activate our wider community to support them.

  • Manage our pipeline of Ventures Talent (kiwis applying for startup roles in our portfolio). Spot opportunities to connect relevant applicants with startups in our portfolio who are hiring.

  • Keep track of company activities, metrics and press for reporting purposes.

  • Manage our Flux social accounts and keeping the website up to date with new investments and events.

What you could bring to the role:

  • Operating experience from starting, or playing a defining role in a high-growth startup/ high performing team.

  • Infinite curiosity, eager to learn about new ideas & industries.

  • Sharp critical thinking and desire to uncover the truth in our evaluation of startups.

  • Empathy for the founding teams we work with, paired with a willingness to go above and beyond to help them succeed.

  • Ability to manage internal and external stakeholders.

  • Persuasive written and verbal communication skills.

  • An ability to juggle multiple projects, in a number of different areas, at the same time.

  • A bias for action, ownership of your work.

We are accepting applicants from all backgrounds. We encourage you to apply even if your experience isn't a perfect match with our job description. This position is a full-time salaried role in Parnell, with further upside through carry on funds invested (aligned to the success of the companies you work with).  

Apply by email before February 25th:

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We're Hiring an Investment Manager

December 2019 by Icehouse Ventures posted in Talent


Icehouse Ventures Investment Manager

  Icehouse Ventures is looking to hire an Investment Manager to ensure we create and win the opportunity to invest in the best early-stage companies in New Zealand. This means building trust with founders, adding value to them in interactions, recommendations and connections and seeing the opportunity to create a deal when it presents itself.

About Icehouse Ventures

  Icehouse Ventures is an investment group that backs New Zealand's leading high-growth companies. The group includes the Ice Angels and ArcAngels investor networks, Tuhua Ventures, Eden Ventures, First Cut Ventures, a number of passive funds and the Flux Accelerator.

We have collectively invested over $120m into 180 startups since 2001 as part of The Icehouse. Icehouse Ventures was established in 2019 with investment from Simplicity Kiwisaver, Jarden, Sir Stephen Tindall's K1W1, and The Icehouse. 

About the Role

The purpose of the investment manager role is to originate new investment opportunities, lead the investment process and work with the companies post investment. The investment manager role will work across the Flux Accelerator, Eden Ventures and Tuhua Ventures.

  Here is a brief overview of some examples of work:

Deal Sourcing

  • Actively sourcing new deal flow from within the early-stage investment ecosystem.
  • Developing a personal investment thesis whilst synthesizing the collective views of the Icehouse Ventures team to see genuine opportunities for globally scalable companies.
  • Developing relationships with founders and adding value.
  • Negotiating deal structures with founders and leading the investment process.
  • Meeting prospective investments and giving feedback to the company.

Investor Relations

  • Building trust with investors.
  • Articulating the various funds and investment opportunities available within Icehouse Ventures.
  • Raising capital for the Icehouse Ventures funds.
  • Contribute to quarterly investor reporting for the companies you are the closest to.


  • Actively seek to build new relationships with entrepreneurs and prospective mentors/advisors that could benefit our portfolio
  • Build relationships with ecosystem stakeholders and upstream investors.
  • Manage these relationships and activate them by connecting them to investee founders


  • Assist in building templates and resources that entrepreneurs could benefit from.

Position Requirements

Experiences and skills should include:

  • Experience in working on a startup or investing in startups.
  • Experience in raising capital from investors or managing investment products.
  • An insatiable curiosity and desire to learn about new industries and technologies.
  • An ability to build high-quality relationships with entrepreneurs and investors.
  • A hard work ethic and desire to go above and beyond to help build iconic companies. 

We’re looking for someone who is as passionate as us about building an iconic investment business. You must have a high ownership mentality and the ability to take responsibility for goals and outcomes.

This is a full-time role, based in Parnell, Auckland.

To apply email -

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We're Hiring a Head of Community

December 2019 by Icehouse Ventures



Community and Marketing Manager

Icehouse Ventures is looking to hire a Community and Marketing Manager to ensure we deliver a world-class experience to the founders in our Icehouse Ventures family, add value through our network and events and build the Icehouse Ventures brand in the early-stage investment ecosystem.

About Icehouse Ventures

Icehouse Ventures is an investment group that backs New Zealand's leading high-growth companies. The group includes the Ice Angels and ArcAngels investor networks, Tuhua Ventures, Eden Ventures, First Cut Ventures, a number of passive funds and the Flux Accelerator.

We have collectively invested over $120m into 180 startups since 2001 as part of The Icehouse. Icehouse Ventures was established in 2019 with investment from Simplicity Kiwisaver, Jarden, Sir Stephen Tindall's K1W1, and The Icehouse.

About the Role 

The purpose of the Community and Marketing Manager is to build upon the brand framework we have as Icehouse Ventures and create a program of activities and processes to add value to our portfolio companies, share common learnings, help our founders learn from one another and demonstrate our value proposition through active engagement.

Here is a brief overview of some examples of work:

Founder Experience

  • Design, lead and execute an annual calendar of activities to add value to our portfolio investments and prospective investee companies.

  • Actively manage the onboarding of new investee companies into the Icehouse ventures family.

Press and Marketing

  • Lead press building activities for Icehouse Ventures and portfolio companies.

  • Oversee the execution of social channels across the various Icehouse Ventures brands.

  • Work with the team to ensure there is sufficient content planned and a high level of quality across all public facing communication.

  • Champion execution of high quality content that is generated by the Icehouse Ventures team to be shared with the early-stage ecosystem, both investors and entrepreneurs.


Talent Pool and Network

  • Actively manage the Icehouse Ventures talent pool, driving more in bound enquiries and matching them to prospective companies to help our companies hire high quality talent.

  • Actively seek to build new relationships with successful entrepreneurs, investors and prospective mentors that could benefit our portfolio.

  • Manage these relationships and activate them by connecting them to investee founders.

Position Requirements

Experiences and skills should include: 

  • Experience in working on a startup or with startups.

  • Experience in marketing management and building B2B brands.

  • An insatiable curiosity and desire to learn about new industries and technologies.

  • Being great at communicating both internally and externally and a hospitality mindset in dealing with all stakeholders.

  • A hard work ethic and desire to go above and beyond to help build iconic companies.

We’re looking for someone who is as passionate as us about building an iconic investment business. You must have a high ownership mentality and the ability to take responsibility for goals and outcomes.

This is a full-time role, based in Parnell, Auckland.

To apply email -

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Icehouse Ventures a huge leap forward for New Zealand entrepreneurs

April 2019 by Icehouse Ventures


  New investment partners join The Icehouse to give massive boost to entrepreneurs and innovation
AUCKLAND, April 15, 2019: The Icehouse is powering up its impact on New Zealand entrepreneurs by today announcing new investment partners have come on board to form ‘Icehouse Ventures’, a new company to be launched 1 May that will accelerate the growth and development of Kiwi entrepreneurs with global aspirations.
The new partners include KiwiSaver funds manager Simplicity; Sir Stephen Tindall’s investment company K1W1; investment banking firm Jarden and investors connected to The Icehouse that will have a combined 23% stake in Icehouse Ventures.
Further, Simplicity has committed to invest up to $100 million over 5 years into funds managed by Icehouse Ventures that go into high growth New Zealand businesses seeking the next phase of expansion capital beyond early seed funding. A defining moment for New Zealand
  Icehouse Chair Chris Quin says creating Icehouse Ventures is a defining moment for New Zealand’s startup sector: “This is a massive boost for entrepreneurs and innovation in this country. Together we are unlocking KiwiSaver and managed New Zealand funds to get more capital flowing into the growth sector to provide more support for New Zealand startups taking on global markets.
  “Today also marks an evolution for The Icehouse as we bring on a group of investors who share our vision. We are excited about the potential of this partnership, and the opportunity to boost an already fast developing startup market in New Zealand that creates more local companies, jobs and allows more New Zealanders to benefit from their growth.
  “Further, Icehouse Ventures will offer investors unprecedented portfolio-level exposure to New Zealand’s boldest start-ups.”
Fuelling more founders
Icehouse Ventures CEO Robbie Paul says the company is positioned to meet the demand of top calibre founders who have raised the bar in New Zealand: “The founders and leaders of our fast-growing young companies are understated heroes of this country, the backbone of the economy and the creative fibre of our future, solving real problems for better futures and better lives.
  “We are seeing more second and third-time founders starting new companies; and with Icehouse Ventures and our new partners, we have this fantastic opportunity to step up and be a catalyst by providing greater amounts of capital over the next five to ten years to fuel their global ambitions.”
Closing the funding gap
Mr Paul says the company’s bigger scale will enable startups to attract significantly more capital by tapping into strategic offshore investors and also ensuring a greater portion of the capital they need can be provided by New Zealanders.
“Our goal is to ensure a greater portion of the capital that high growth companies need, can be provided by New Zealanders,” says Mr Paul. “We are delighted to share the ownership and commitment to this opportunity for New Zealand with our new partners in Simplicity, K1W1, FNZC and the other investors that join us on this journey.”
  Simplicity Managing Director Sam Stubbs says the investment represents the first example of a KiwiSaver fund manager that is investing in a business dedicated to high growth New Zealand businesses.
  “This is a fantastic opportunity for our KiwiSaver members to tap into a broad range of New Zealand’s boldest and brightest companies. Given the breadth and depth Icehouse Ventures has with companies starting up and expanding, we want to provide investment options for our members. We also think this is the beginning of significant investments by KiwiSaver managers into high growth New Zealand companies. It means every Kiwi can be a part of New Zealand’s exciting and fast-growing entrepreneurial sector.”
FNZC CEO James Lee said: “Our partnership with Icehouse Ventures is part of our firm’s broader investment into growing New Zealand’s capital markets. FNZC has a long history of supporting entrepreneurs and we’re excited to support a wider group of companies and people, connecting into our network of expertise and capital. We’re passionate about helping New Zealanders to succeed domestically and on the global stage.
For more information, please contact:
Julie Landry
  Ph 021 895 098


What is Icehouse Ventures?

Icehouse Ventures is an early stage venture capital firm. The firm includes all of the previous startup related activities of The Icehouse including the Flux Accelerator, partnerships with angel networks Ice Angels & ArcAngels; and funds Tuhua Ventures, Eden Ventures and First Cut Ventures, which collectively manage $50 million in funds. Tuhua Ventures second fund, Tuhua II is more than 75% subscribed and will close shortly.

More than $106 million has been invested into 165 New Zealand companies since The Icehouse first began channelling capital to startups with the establishment of its incubator in 2001 and Ice Angels in 2003, with more than half this amount raised within the past four years. In 2018, the Icehouse community invested $22 million into 56 startups.

Icehouse Ventures will continue to be majority owned by The Icehouse Limited. New shareholders will include KiwiSaver funds manager Simplicity; Sir Stephen Tindall’s investment company K1W1; investment banking firm FNZC and a group of other investors and staff that will join with the partners.

How much are the new partners investing in Icehouse Ventures?  

The Icehouse is raising $4 million to power up Icehouse Ventures and grow its business. The investing partners have committed $3 million of investment into Icehouse Ventures between Simplicity, FNZC and K1W1, leaving $1 million of investment to be raised from interests associated with The Icehouse. The investing partnership has also indicated they will be investing in Icehouse Ventures’ funds and investing platforms in their own right. Simplicity will start by investing $2 million into Tuhua Ventures’ second fund, Tuhua II and it expects to invest up to $100 million over the next 5 years in other Ventures funds that are funding emerging high growth New Zealand companies. FNZC will also be investing across the platform and also releasing products that enable its clients to access the portfolio opportunities of Icehouse Ventures best companies.

What is the ownership structure of Icehouse Ventures? 

The new investing partners will own 23% of the company. The Icehouse owns the remaining shares and will be launching an employee share ownership programme.

Who is Robbie Paul? How did he become CEO?

Robbie joined The Icehouse in 2008 and trained under former US Angel Capital Association Director Dan Rosen and New Zealand Angel Association Arch Angel Bill Payne. He became CEO of Ice Angels in 2015. He is the Managing Partner of Tuhua Ventures and was a founding investor in 2016. He will take on the role of CEO of Icehouse Ventures from 1 May. You can find out more about Robbie here -

How many people does Icehouse Ventures employ?

Icehouse Ventures will initially employ 8 full-time executives who were previously employed by The Icehouse which now falls under the umbrella of Icehouse Ventures. More staff will be hired as the company grows.

How does the Icehouse work with Icehouse Ventures?

The Icehouse retains majority control of Icehouse Ventures and in simple terms, it is sharing a load of investment with its new investment partners to create more impact and returns. Everything else says the same, the organisation will work from the same place, acting as one business focused on supporting New Zealand’s founders and SMEs to reach their potential. The Icehouse will have a shared services contract with Icehouse Ventures to deliver its back office and compliance together with the support of marketing and executives such as The Icehouse CEO, Andy Hamilton who will continue to be actively involved in the Icehouse Ventures business and operations. This shared services arrangement has an initial period of five years. See diagram below.

What is The Icehouse?
Founded in 2001, The Icehouse is owned by a not-for-profit charity, The International Centre for Entrepreneurship Foundation and is tasked with enabling a material impact on New Zealand over generations through enabling entrepreneurs and business owners to reach their potential.
Over the last 18 years, The Icehouse has principally focused on two target markets to achieve its vision. The first market it has worked with are established owner-manager firms or SMEs. The second market it has worked with are high-tech/high-value startups.
  As the majority owner of Icehouse Ventures, The Icehouse will work closely with Icehouse Ventures while continuing to focus on the learning and development and coaching programmes developed for established SMEs. This includes a range of programmes such as the Owner Manager Programme and the Leadership Development Programme for owners and leaders of established SME businesses in the $3-100 million revenue category. The Icehouse is also expanding its regional footprint for support of established SMEs through its presence in Hawkes Bay.
Since 2001 its customers have created 27,285 new jobs and generated $15.5 billion of new revenue of which $3.7 billion is from international markets.
  For more information visit
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Talking sports commentary with Spalk co-founder Ben Reynolds

March 2018 by Icehouse Ventures


Business is Boring is a weekly podcast series presented by The Spinoff in association with Vodafone Xone. Host Simon Pound speaks with innovators and commentators focused on the future of New Zealand, with the interview available as both audio and a transcribed excerpt. This week Simon talks to Ben Reynolds about how his company Spalk is making sports commentary more accessible. 

Have you ever turned on your favorite live sports game to be disappointed by the commentators? Maybe it is an Aussie butchering Māori or Pasifika names, maybe it is just that they are talking out of their hats.

Well, Ben Reynolds and Michael Prendergast did something about it. They used internet software to do their own commentaries, growing to thousands of fans who would tune in despite audio delays, lags from live action and all sorts of technical shortcomings – shortcomings in which they saw an opportunity.

So they built the perfect system to allow multiple commentaries on a single stream of video.

They prototyped, launched and have now built the tool into Spalk, a service that has let millions view video with their audio and is used by Māori TV, FIBA and soon lots of American sports outfits to allow choice for viewers and savings for broadcasters.

It’s an idea driving up viewership, engagement and getting backing from capital. It’s earned them a place at the Vodafone Xone accelerator that kick-started their growth. To talk the journey so far and the plans ahead, Ben Reynolds joined the podcast. 

You started out with the idea of providing alternate commentary for sports, pretty much for fun. Did you see pretty soon that there were actually people whose home team was playing and they weren’t getting their side of the story out?

Yeah, exactly, so what we did after we built this little hacky version of Spalk was we went out and said to a bunch of amateur sports organisations, hey, you’re not actually streaming anything, can we put some of your content online so us and our friends can commentate it?

So our first partner was Auckland Cricket, who streamed a bunch of their Plunket Shield matches and a bunch of their county level cricket games, and so we’d be sitting there with a camcorder following the action on the side of the field, streaming it to YouTube, it would go onto our system, and then people would be commentating it from all around New Zealand.

Soon we had a commentator in Australia, and then one in London. The commentators were growing and growing. We started doing a lot of work with other amateur sports organisations, the likes of New Zealand Swimming and New Zealand Squash and a lot of those other sports who weren’t quite at the broadcast stage but were really keen to get content online so their fans could commentate it.

We were getting good numbers of people tuning in and listening to all this good commentary. We had professional players coming on and commentating tournaments, and kids who’d just finished up at their high school champs coming on to commentate their friends and all sorts of things like that.

We started seeing a lot of grassroots people coming in and getting really really excited about what we were doing.

Did you have to build out the infrastructure to actually film everything and live stream it in order to get the Spalk idea off the ground? 

It was interesting, at that stage we didn’t really think that places like SkyTV or Māori Television who are one of our really good partners now would ever take us seriously. So we said to ourselves, what’s the easiest way that we can get access to some content? And the easiest way was to just do it ourselves. 

I borrowed a camcorder from Mum and Dad and figured out how to stream everything online and it was a pretty hacky setup with a camcorder on the side of the pitch and me sitting there texting scores through to the commentators so that they could give score updates because there was no score graphic or anything up on the screen.

We got the numbers and that really validated that we had a kernel of something interesting.

With that kernel you then went to Māori TV who were one of your first big broadcast partners. Was that driven by the horrendous mispronunciations of Māori and Pasifika names you hear?

Yeah that was part of it. It’s funny because they actually ended up coming to us. They got in touch and said hey, we’ve seen what you guys are doing and think it’s really interesting from the ability to have multiple different languages.

Obviously as a state broadcaster they’ve got to provide a certain level of coverage in te reo Māori so for them it was a really easy way to say here’s a really easy way to do English commentary, Māori commentary, and hey, if we want to throw in Fijian and Samoan and a variety of other Pasifika languages so we’ve got a really broad broadcast and a really appealing product to different demographics around New Zealand. 

Really for them it was where they saw the use case and so for us what it meant was we had to go back and rejig our entire infrastructure to be able to deal with being on a product like Māori Television.

Rather than dealing with a camcorder, suddenly we were on broadcast-level content coming out of the New Zealand High School Basketball champs, and we’ve got a certain level of service that we’ve got to provide, and so it was a really good opportunity for us to go and build a proper product and take the time to go and do a bit more research and development and really mature where the product was at.

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