Movac is launching their Fund 5 this week pointing out that recessions create great venture vintages.
This week we start our contribution to the rebuild of the Aotearoa New Zealand economy. Movac’s part is to accelerate the launch of our fifth technology investment fund, Fund 5. There is much work to do and we’re incredibly motivated to play a significant part working alongside New Zealand’s outstanding technology founders and our committed group of investors to help define and shape our collective future.
This has been an incredibly disruptive and challenging time. Lives and countless jobs have been lost in New Zealand and around the world. We’ve all had to learn how to work and live differently, but now is not the time to pause but to find the opportunities in those changes. We need to get busy redefining and growing the next wave of tech businesses in New Zealand.
History tells us that it in periods of significant disruption we see the most significant technology innovations. We launched Movac Fund 3 during the Global Financial Crisis and had the privilege to invest in companies like PowerByProxi, sold to Apple in 2017, and GreenButton, sold to Microsoft in 2013. Vend and Unleashed were created during the GFC and our 4th fund has subsequently invested in those business. Xero, RocketLabs and PushPay started just before and grew up through the GFC. Trade Me started at the beginning of the dot.com boom survived the dot.com bust and thrived subsequently.