24 May 2018


Auckland, May 24, 2018 – Rising domestic investment in New Zealand’s early stage technology companies is creating more opportunities for follow-on investment from a growing number of international investors. This is according to the third annual Investor’s Guide to the New Zealand Technology Sector published jointly by the Ministry of Business, Innovation and Employment (MBIE) and the Technology Investment Network (TIN).

The guide showcases New Zealand’s diverse range of high growth technology companies, innovation capabilities and supportive business environment, and presents a compelling case for investment in New Zealand’s technology sector.

The guide shows that the tech sector continues to show strong and sustained growth each year, earning significant international revenue. Revenue from New Zealand’s top 200 tech companies grew nearly 8% last year, with more than NZ$7 billion generated in offshore revenues.

This growth is being supported by a steady increase in local funding, with the combined value of angel and crowdfunding investments in all New Zealand early stage companies rising at an annual growth rate of 18% over the past four years. In 2017, nearly NZ$87 million1 in funds were received from New Zealand-based angel investors, and an additional NZ$25 million2 from domestic crowdfunding (online offers to retail investors.)

New Zealand’s strong pipeline of fast-growing tech companies is also creating more investment opportunities for foreign venture capital firms and private investors. The past five years has seen a marked increase in the number of offshore investments being made in New Zealand technology companies. Over this period3 62 unique international investors have made an investment in New Zealand technology companies tracked by TIN. Of those, 56% were based in North America.

“Last financial year to March 2018, New Zealand tech companies received around NZ$41 million in foreign investment,” said TIN managing director Greg Shanahan. “This followed an extraordinarily strong prior financial year when a number of very large investments were made, including Rocket Lab’s capital raise of over NZ$100m. The number of U.S. backers continues to grow, underscoring the emerging confidence in New Zealand tech companies.”

“An increasing number of our companies are pursuing offshore investment early on, as foreign funders are often prepared to invest larger early stage amounts than is commonly seen in New Zealand,” added Mr Shanahan.

In 2017 a total of NZ$876m in capital was raised by funds for New Zealand private equity and venture capital investment.4 Capital amounts raised over the past two years have been the highest on record. Two thirds of the fastest growing technology companies tracked by TIN are either VC-backed or publicly funded.

“High-performing technology firms are not just an urban phenomenon – they exist throughout New Zealand,” said Mr Shanahan. “Tech revenue growth was evident across every region in 2017. A well-established ecosystem supports this growth, evidenced by the strong stable of Regional Development Agencies throughout the country, along with world-leading tertiary institutions, government policy and strong local investment networks in place.”

Copies of The Investor’s Guide to the New Zealand Technology Sector are free and are available in digital format on the TIN website, where hard copies may also be requested. The report can also be accessed via the MBIE website.

1. Angel investment data source: NZVIF (2018)
2. Crowdfunding data source: Snowball Effect (2018)
3. Five year period from April 2013 to March 2018
4. Source: NZ Private Equity and VC Monitor, EY/NZVCA (May 2018)

For more information and interview opportunities, please contact:
Kate Dobbin, Communications Advisor, Technology Investment Network
mobile: 021 522 103

The guide, developed by TIN in association with MBIE, draws largely on public and private company data from the annual TINReport ( for the top 200 New Zealand technology firms (as determined by revenue). This data has been collected and aggregated by TIN over the past thirteen years.

Inclusion in the TIN top 200 requires technology firms to:
1. Originate in New Zealand; 2. Retain a meaningful presence in New Zealand; 3. Operate in the High-tech Manufacturing, ICT or Biotech sectors; 4. Have developed their own technology-based intellectual property; and, 5. Generate at least 10% of their revenues offshore.

“Fastest growing” tech companies are those from within a pool of companies with a three-year compound annual growth rate over 20%.

About the TIN Report
The 2017 TIN Report is produced by Technology Investment Network with sponsorship from NZTE (New Zealand Trade and Enterprise), Callaghan Innovation, EY, AJ Park and Spark. The TIN Report is a critical reference for benchmarking the performance of New Zealand’s 200 largest globally focused technology companies. The size of the tech industry has grown significantly since 2005 and in recognition of this, TIN collated information on more than 600 companies in 2017.

About Technology Investment Network
Technology Investment Network (TIN) is a private company established in 1999 to facilitate the growth of the technology export sector in New Zealand. The company’s goal is to contribute to the New Zealand economy by supporting the growth of, large, sustainable, New Zealand based, global technology businesses. For more information visit: