Elevate NZ Venture Fund

Established in 2019 under the Venture Capital Fund Act, the Elevate NZ Venture Fund is a government-backed initiative designed to fill the capital gap for high-growth New Zealand businesses at the Series A and B fundraising stages. Managed by New Zealand Growth Capital Partners (NZGCP), the fund aims to stimulate a functioning venture capital industry and ensure that high-growth New Zealand businesses have access to the capital and connections they need to succeed. As of March 2025, Elevate has allocated 90% of its investible capital into 11 funds, leaving $28 million remaining to commit. With the $483 million invested by Elevate's underlying funds, they have backed around 150 Kiwi tech companies, with roughly 41% of these being deep-tech. Elevate's investment strategy focuses on supporting venture capital firms that have the capability and connections to help New Zealand businesses achieve success. This is achieved by investing into venture capital funds alongside private investors, aiming to develop the early-stage capital ecosystem in New Zealand and support innovation in the economy. The fund has made commitments of over $223 million into nine venture capital funds, resulting in around 120 Kiwi tech start-ups being backed. Notable investments include a $30 million commitment into Blackbird Ventures’ second New Zealand fund in May 2022 and a $21.5 million investment into Blackbird's New Zealand fund in September 2020. Additionally, Elevate has made follow-on investments, such as a $10 million investment into Pacific Channel's Fund III in May 2025, to support the expansion of deep-tech companies. These investments reflect Elevate's commitment to developing the New Zealand venture capital market and supporting high-growth New Zealand businesses.

Elevate's investment philosophy is centered on filling the capital gap for high-growth New Zealand businesses at the Series A and B fundraising stages. By investing into venture capital funds that have the capability and connections to help New Zealand businesses achieve success, Elevate aims to stimulate a functioning venture capital industry and ensure that high-growth New Zealand businesses have access to the capital and connections they need to succeed. The fund's approach includes undertaking market development activities to support the New Zealand venture capital market and investing into venture capital funds alongside private investors. This strategy aims to develop the early-stage capital ecosystem in New Zealand and support innovation in the economy.

Elevate's track record includes backing around 150 Kiwi tech companies, with roughly 41% of these being deep-tech. The fund has made commitments of over $223 million into nine venture capital funds, resulting in around 120 Kiwi tech start-ups being backed. Notable investments include a $30 million commitment into Blackbird Ventures’ second New Zealand fund in May 2022 and a $21.5 million investment into Blackbird's New Zealand fund in September 2020. Additionally, Elevate has made follow-on investments, such as a $10 million investment into Pacific Channel's Fund III in May 2025, to support the expansion of deep-tech companies. These investments reflect Elevate's commitment to developing the New Zealand venture capital market and supporting high-growth New Zealand businesses.