Icehouse Ventures raises NZ$180m for New Zealand startups and jobs
Icehouse Ventures' third fund hit NZ$180m to back 20 late-stage Kiwi tech companies, with first investments in Halter, Calocurb and Supabase.
Icehouse Ventures' third fund has closed on its NZ$180m target less than six months after opening and remains accepting investors until a year-end final close. The Growth Fund III will back 20 late-stage, high-growth New Zealand companies already earning millions in revenue and aiming to expand globally.
Growth Fund III's first three investments are Halter, a cow collar technology company; Calocurb, a GLP-1 activator; and Supabase, a software developer platform. Simplicity, the non-profit manager of New Zealand's KiwiSaver retirement and first-home savings scheme, invested NZ$85m across Icehouse funds since 2019, signalling confidence in the nation's economy.
KiwiSaver providers including Generate and Pie Funds have now committed at least NZ$190m through Icehouse, up from NZ$60m when the second fund closed in 2024. Icehouse's first fund is tracking at a 1.78 times return on capital with an 18.9% internal rate of return; the second fund is at 1.23 times and 22.9% return.
- NZ$180m
- Fund III target
- 20
- Companies to back
- NZ$85m since 2019
- KiwiSaver total invested
- NZ$190m
- Provider commitments now
Why it mattersA larger venture fund lets New Zealand keep ownership of its leading tech companies local rather than seeing founders and investors diluted by international capital.
AustraliaAustralian investors watching the trans-Tasman startup scene can see NZ venture funding accelerating; neighbouring innovation may signal opportunities and competition.
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