--- title: Big losses and bigger wins of 2024 description: Read IV CEO Robbie Paul's take on New Zealand’s evolving relationship with startups — from a time when many were skeptical about the sector to today, where Kiwi founders are building category-defining companies backed by a growing community of investors. Robbie highlights the key shifts that have driven this transformation and why the future looks brighter than ever for the Kiwi startup ecosystem. image: https://resources.icehouseventures.co.nz/hubfs/vessev.png --- [![Icehouse Ventures](https://resources.icehouseventures.co.nz/hs-fs/hubfs/Icehouse_Ventures_Monogram_Black-1.png?width=40&height=40&name=Icehouse_Ventures_Monogram_Black-1.png "Icehouse Ventures")](https://www.icehouseventures.co.nz) - [Founders](https://www.icehouseventures.co.nz/founders) - [Investors](https://www.icehouseventures.co.nz/investors) - [Portfolio](https://www.icehouseventures.co.nz/portfolio) - [Blog](https://resources.icehouseventures.co.nz/blog) ## [Big losses and bigger wins of 2024](https://resources.icehouseventures.co.nz/blog/big-losses-and-bigger-wins-of-2024) [Robbie Paul](https://resources.icehouseventures.co.nz/blog/author/robbie-paul) ###### The New Zealand Startup 2024 Year in Review **![vessev](https://resources.icehouseventures.co.nz/hs-fs/hubfs/vessev.png?width=693&height=371&name=vessev.png)** Why were Kiwis so sceptical about startups? I hope this is the question my five-year-old daughter’s generation asks us. Having that question posed will suggest that the ecosystem has continued to develop at a rapid pace over the coming decade. The milestones of 2024 certainly point us in the right direction. These are summarised in our 7th annual NZ Startup Year-in-Review video [here](https://www.youtube.com/watch?v=IPfCfePSP8g) and reflected in our Icehouse Ventures’ 2024 Scorecard [here](https://mail.icehouseventures.co.nz/e3t/Ctc/OQ+113/cYlt704/VW99Yl5y0KkTW6RkT0Y6CPj8bW3mxgk35pJTLmN2QYvzF3lYMRW6N1vHY6lZ3mwW4kPPjl5GkzpPW4vCLhd55W5XNW2QQQR64lscrtW6wg-w48GK61RN4W-mmFkb3TDW8fD_2Q2FgcQwW3vmFcG80hZXLW7vYdF33cdnBTW1qKZ3F20jFQZW4q0jfD28YBLLN6xPmbjVbXS4W5vGNDC1YcB8dW3_dfsj24lhW-W4RSx2D70gFLkW7qXRDG25RH1kW28FmX074YXv7W3dZkhF43M0wCW7syP841ZCW7dW7hbwDm4kZq4nW84kNtT36l8kQW2X9V565BwSywV5wW999hB0g8f2xfzd804). Here are a few answers. Following each answer is a point on why I’m so optimistic about our direction of travel. 1. KiwiS**aver’s absence before 2007 hurt us.** It meant hundreds of thousands of Kiwis did not gain sufficient- or any- exposure to the equity markets. Early and broad exposure is an important first step towards investing in public and private companies. Let’s not forget that previous generations were also scared by 1987. And that property investing- buoyed by favourable tax laws- put other asset classes in the “why bother” category. - **Our direction of travel:** Thanks to the investment by Generate, Simplicity, and Pie Funds in our Growth Fund II, >350,000 KiwiSaver members will be positioned to learn about and have investment in great companies in our portfolio like Halter, Crimson, and OpenStar. (Reminder: Growth Fund II’s final close is at the end of the month. [Take part here](https://mail.icehouseventures.co.nz/e3t/Ctc/OQ+113/cYlt704/VW99Yl5y0KkTW6RkT0Y6CPj8bW3mxgk35pJTLmN2QYvzY3lYMRW7lCdLW6lZ3pvW3G6y-n7Bmgj0W264_73799J86W3kgCSb65mTG4W8l9Vlz23Bl06W3dWYJ47Pb7qvW460cdx7symn3N1SNXfTyRYV4V3FKz083q6wYW7KzX8v6fBzFzW7bCHLP1zZkKJW2R67213Yk3xfW4qnmKB3BbLCgW8r6qxC6gYPyHVY11wq2C6J_MN6T-MtWRg2XbW6H85Pf5NGw9vW3Rxkj08PxXYkW4grnNG8xbM-dW1-0_P95zmy6PW3_BXNg2CyvHPVmlQV36tc1YZW3lPkK41P1YTzW122hz343hCbyN7DNWmlRF9nLf9lyds804).) This exposure will mean many more Kiwis start, join, or invest in startups in the future. 2. There **was no data.** When I joined Icehouse in 2008 you could count on one hand the number of investors across NZ who had invested in >10 startups and/or had been habitual startup investors for >10 years. There were fewer than 500 startup investors across the country, and only a small fraction had enjoyed a positive exit or learned from a loss. The result is that the narrative was informed by survivor bias and anecdotes. - **Our direction of travel:** Today >2,800 investors have invested with Icehouse Ventures. An investor with 100 investments is not even in the top 100 most diversified investors. 100s of investors have been investing for more than a decade. The result is that many more investors can leverage learnings, data, and examples to become better investors and supporters of startups. 3. Inv**estors were priced out.** A decade ago, the typical minimum for a fund investment was $250k. For a direct investment, it was $50k. These minimums were prohibitively high for most Kiwis, especially since $250k was a sizeable deposit on a Grey Lynn home at the time. The minimums also meant that those who could participate were less able to do so in a diversified way. - **Our direction of travel:** Today’s minimum across the industry is typically $50k for funds. This is paid over three to four years. Direct investments, at least with Icehouse Ventures, have $5k minimums. The result is that more investors are able to take part. Importantly, investors are able to get started earlier in their careers. This gives them many more years to compound their knowledge and experience. 4. P**roof points were limited.** Who would invest $250k in a startup when there’s no evidence of returns? - **Our direction of travel:** 2024 saw companies like Tradify, Halter, Auror, and Kami deliver realised returns of 40-100x to early investors. We paid out >$18m in profits from Tradify with nearly 1,000 investors receiving distributions. Rocket Lab is worth $20b. Many more companies like Hnry, Crimson, Tracksuit, Partly, Dawn Aerospace, Sharesies, OpenStar, and more are growing quickly and appreciating in value. And there are many more coming up behind them. 5. Ty**ranny of distance was a thing.** New Zealand was at the bottom of the world. A direct flight to JFK was unheard of. You still needed a calling card when you arrived in a new country. Angel investors and VCs specifically preached strategies of only investing in their cities. Raising money or completing a sale required a flight at a minimum and possibly even a corporate redomicile. - **Our direction of travel:** Sales, hires, partnerships, capital raises, and even exits are being completed over Zoom. Dozens of international investors invest in New Zealand startups every year. If anything, distance has made New Zealand more desirable over the last few years.   Presumably, my future-teenage daughter would have delegated her AI to listen to my answer by the start of the first paragraph. Nonetheless, it is great to reflect on how far we have come and the bright future we have in front of us. Thanks to all of the trailblazing entrepreneurs and to the early investors who have helped us get to this point. Here’s to an amazing 2025. Robbie   Tags: [Funds](https://resources.icehouseventures.co.nz/blog/topic/funds), [Startups](https://resources.icehouseventures.co.nz/blog/topic/startups), [CEO](https://resources.icehouseventures.co.nz/blog/topic/ceo), [Technology](https://resources.icehouseventures.co.nz/blog/topic/technology), [Growth](https://resources.icehouseventures.co.nz/blog/topic/growth) ![Robbie Paul](https://resources.icehouseventures.co.nz/hs-fs/hubfs/Robbie%5B16207%5D.jpg?width=100&height=100&name=Robbie%5B16207%5D.jpg) #### Written by [Robbie Paul](https://resources.icehouseventures.co.nz/blog/author/robbie-paul) CEO of Icehouse Ventures. - [Recent](https://resources.icehouseventures.co.nz/blog/big-losses-and-bigger-wins-of-2024#tab-1) - [Popular](https://resources.icehouseventures.co.nz/blog/big-losses-and-bigger-wins-of-2024#tab-2) - [Categories](https://resources.icehouseventures.co.nz/blog/big-losses-and-bigger-wins-of-2024#tab-3) ### Lists by Topic - [Startups (53)](https://resources.icehouseventures.co.nz/blog/tag/startups) - [Founders (38)](https://resources.icehouseventures.co.nz/blog/tag/founders) - [CEO (34)](https://resources.icehouseventures.co.nz/blog/tag/ceo) - [Community (20)](https://resources.icehouseventures.co.nz/blog/tag/community) - [Growth (16)](https://resources.icehouseventures.co.nz/blog/tag/growth) - [Technology (14)](https://resources.icehouseventures.co.nz/blog/tag/technology) - [Portfolio (8)](https://resources.icehouseventures.co.nz/blog/tag/portfolio) - [Funds (7)](https://resources.icehouseventures.co.nz/blog/tag/funds) - [Venture Capital (7)](https://resources.icehouseventures.co.nz/blog/tag/venture-capital) - [Investment (2)](https://resources.icehouseventures.co.nz/blog/tag/investment) - [AIP (1)](https://resources.icehouseventures.co.nz/blog/tag/aip) - [Board (1)](https://resources.icehouseventures.co.nz/blog/tag/board) see all # About Icehouse Ventures is a venture capital firm with a mission to be transformative investors in transformative Kiwi companies. Over the last 20 years, they have scaled to become New Zealand’s most active venture investor, investing more than $800m into 390+ companies. We were among the earliest investors Halter, Sharesies, Tracksuit, Partly, Hnry, Crimson Education, Dawn Aerospace, and more.  # Links - [Raise](https://www.icehouseventures.co.nz/founders) - [Invest](https://www.icehouseventures.co.nz/investors) - [Portfolio](https://www.icehouseventures.co.nz/portfolio) # Contact [hello@icehouseventures.co.nz](mailto:hello@icehouseventures.co.nz) 125 Saint Georges Bay Road, Parnell Auckland, 1052 Copyright 2026 | Icehouse Ventures ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Robbie Paul", "url" : "https://resources.icehouseventures.co.nz/blog/author/robbie-paul" }, "dateModified" : "2024-12-18T19:10:09.129Z", "datePublished" : "2024-12-18T04:12:44.000Z", "headline" : "Big losses and bigger wins of 2024", "image" : [ "https://resources.icehouseventures.co.nz/hubfs/vessev.png" ], "mainEntityOfPage" : { "@id" : "https://resources.icehouseventures.co.nz/blog/big-losses-and-bigger-wins-of-2024", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://resources.icehouseventures.co.nz/hubfs/Icehouse_Ventures_Monogram_Black-1.png" }, "name" : "Icehouse Ventures" } } ```