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January 2024 by Icehouse Ventures posted in Startups, CEO, Technology, Growth, Community
December 2023 by Robbie Paul posted in Startups, CEO, Growth, Community
I noted there was a potential “backlog” of losses to come at our Singapore Limited Partner dinner in July. We had averaged more than five per year between 2017 and 2021. Despite a growing and maturing portfolio (215 new companies since 2017), “only” three companies had failed in the 18 months from the start of 2022.
The LPs were unfazed. They understood that many startups fail. I also laid out the factors leading to the relative dearth in recent losses: strong capital raises in 2021, round extensions and burn reductions in 2022, and convertible notes and down rounds in early 2023.
The LPs knew that venture capital was defined by backing winners, not avoiding losses. They were buoyed by the strong growth of many Kiwi companies. The aggregate revenue of the companies in Growth Fund I has scaled from $153m in 2021 to $254 in 2022 to $384m today. This includes remarkable execution by the likes of Halter, Hnry, Crimson, and Tracksuit.
Then Supie happened, prompting more than 50 articles by the press and ample negatively directed at startups (a lowlight). This was followed by an outpouring of support from seasoned entrepreneurs and investors for the Supie team and mission (a highlight).
Below are a few more highlights and lowlights and check out our 2023 NZ Startup Year in Review here.
Also, a final reminder of our year-end deadline for Growth Fund II.
This is our flagship Series A-D stage fund that will invest in 20 Kiwi tech companies over the next three years. It builds upon our first fund which invested in greats like those named above as well as Mint Innovation, Open Star, Sharesies, LawVu, Dawn Aerospace, and others.
We have >$75m committed including Generate Kiwisaver, Sir Stephen Tindall, an Iwi, and nearly 400 Kiwis and family offices. Interested? Learn more and review the Application here.
Here’s to an amazing year for NZ venture in 2024.
Thanks
Robbie
Check out the 2023 NZ Startup Year in Review
November 2023 by Robbie Paul posted in Startups, CEO, Growth, Community
June 2022 by Icehouse Ventures posted in Community
For all the positives that come with the expansion of Aotearoa's venture ecosystem, we have growing pains. And while we pride ourselves on diversity, inclusivity, kindness and equality, the startup community must acknowledge that we have a ways to go to meet these foundational Kiwi principles.
Icehouse Ventures is an early-stage venture capital firm. We exist to back the bravest Kiwi founders, launching global companies from New Zealand. One start-up can define a generation. Our mission is to back them. Icehouse Ventures backs brave.