AT LEAST $50 million of private venture capital is being sought to establish specialist seed funds in biotechnology, one of the Government’s key growth sectors.
New Zealand Venture Investment Fund general manager Franceska Banga said the fund would invest a minimum of $25 million in the biotech sector, conditional on $50 million being raised from private investors.
Four seed funds, run by private sector fund managers, have so far been established — iGlobe Treasury Management, TMT Ventures, No 8 Ventures, and Endeavour iCap.
