Movac Hits $200 Million for its Latest Growth Fund

Venture capital firm Movac announces the successful First Close of its Movac Growth Fund 7
(MGF7) at $185m. The Fund, which will invest in high-growth New Zealand tech companies, is
strongly supported by domestic institutional investors, including cornerstone commitments from
NZ Super Fund, the Government Superannuation Fund Authority, Forsyth Barr and Ngāi Tahu
Holdings.

Movac Growth Fund 7 will continue Movac’s proven growth-stage strategy, focusing on Series A,
B, and C+ funding rounds for tech businesses with a track record of growth and the ability to
scale to over $100 million in annual revenue.

“The successful First Close for Growth Fund 7, which was almost double our initial target and
achieved within six months of launch, is a clear sign of investor confidence in our disciplined
investment approach, track record of success, matched with the opportunity that exists in New
Zealand’s maturing technology sector. We have one institution currently completing their
process so we’re on target to hit our $200m fund cap in the next month. We’ve been
overwhelmed with the significant demand we’ve received,” said Mark Vivian, Partner at Movac.

“We’re very proud of the quality of our institutional investors. In particular NZ Super Fund, which
has been a cornerstone investor in Movac growth funds for the past decade, alongside
significant investments from the Government Superannuation Fund Authority, Forsyth Barr and
Ngāi Tahu Holdings.”

“AIP investors have committed approximately $80m into our last two Movac funds, bringing their
skills and networks in addition to their capital. We’ve worked with investor migrants for more
than a decade and have seen this in action firsthand.”

“Like our previous growth fund, Growth Fund 7 gives us the ability to commit between $5m and
$30m+ with our first cheque, as well as follow-on capital to support companies’ future funding
rounds. They would follow in the footsteps of some of our previous growth-stage investments in
iconic tech companies like Auror, ReLeased, LawVu and Crimson Education.”

“We also have the scope to invest up to 30% of the Fund offshore, often in businesses that have
strong connections with New Zealand, which brings additional benefits. Our existing investment
in the likes of AutoGrab, which is based in Australia, is a great example of this.”

“We have several companies going through our investment process, and we hope to be able to
make announcements in the coming weeks should we successfully close those deals.”

Key Investor Commentary:

• NZ Super Fund – “We’re always looking for commercially attractive opportunities to invest
  in New Zealand. For the past 10 years, Movac’s growth funds have given us a way to
  support local companies when they need that support the most, to contribute to New
  Zealand’s burgeoning tech sector, and to generate positive returns for the NZ Super
  Fund. We’re very pleased to further develop our partnership with them.” said Rishab
  Sethi, Acting Head of Private Equity and Alternatives at NZ Super Fund.
  
• Government Superannuation Fund Authority – “Our commitment to Growth Fund 7
  reflects the conviction we have established in Movac’s focussed, disciplined approach to
  growth-stage investing over many years and economic cycles. The depth and experience
  stands out in the sector” said Peter McCaffrey, Manager of Equities and Alternatives at
  the Government Superannuation Fund Authority.
  
• Forsyth Barr – “We are pleased to be one of the Fund’s cornerstone investors, and have
  worked with Movac across a number of their recent funds. On behalf of our clients, we
  seek the most attractive opportunities in the market, and Movac’s track record of
  delivering cash returns to investors was compelling”, commented Melissa Platt, Director,
  External Investments & Partnerships at Forsyth Barr.
  
• Ngāi Tahu Holdings – “We are excited to support Movac Growth Fund 7 as it invests in the
  next generation of New Zealand’s world-class technology companies ” said Todd Moyle,
  Chief Executive at Ngāi Tahu Holdings.
  
  About Movac
  Founded in 1998, Movac is New Zealand’s most experienced and successful venture capital firm.
  With a focussed and proven investment ethos, backed by major institutions, iwi, community
  trusts, family offices, and individuals, Movac funds consistently rank in the top quartile or decile
  internationally based on returns to investors.
  Current portfolio companies include Auror, Crimson Education, ReLeased, Dawn Aerospace,
  LawVu, TracPlus, Alimetry, Wellumio and Autograb. Past portfolio companies include Tradify,
  Vend, Unleashed Software, Aroa Biosurgery, PowerbyProxi, Green Button and Trade Me.
  
  Media Contact:
  Mark Vivian
  Partner, Movac
  +64 27 246 4936