Introducing the IVX Fund
Today we announced the launch of IVX (as in Icehouse Ventures Expansion), a late-stage venture fund that will invest in 20-30 of NZ’s leading tech companies.
We have already raised over $50m to date from Simplicity, an Iwi, Hobson Wealth, Sir Stephen Tindall, and over 100 individual investors and are moving towards a $75m final close. The fund is now open for investment from new investors.
What is "late-stage venture capital?
IVX is a late-stage fund. What does that mean? Most of the capital will be deployed into companies with established and growing teams, well-developed products & services, evidence of competitive wins, five or more years in market, revenue & proven business models, and strong governance. And the most critical feature: potential for significant global growth. Example companies already in the IVX portfolio include Shuttlerock who are generating $10m+ revenue, Dawn Aerospace who have their technology commercially operating on multiple satellites in space, and Sir John Kirwan's Mentemia whose tech is used by The Warehouse, Sky, Eroad, and others.
How does IVX compare to other VC funds?
IVX leverages our unique relationships, information, and follow-on rights we have as a result of being among New Zealand’s most active early-stage investors. Our pipeline includes our 250+ startup investments, a subset of which thrive and become sought after. This simply cannot be reverse engineered. (Note IVX can also invest in startups outside of our family.)
This is not a novel model. YCombinator, a Silicon Valley-based accelerator that got its start making $20k pre-seed investments, subsequently raised a $1b “continuity” fund to invest further in its top performers like Airbnb and Dropbox. Having long-duration relationships with founders and longitudinal data on their performance is a real advantage.