Icehouse Ventures Explained

Icehouse Ventures
Type:Private
Area Served:New Zealand
Industry:Venture capital
Products:Investments
Location City:Auckland

Icehouse Ventures is a New Zealand-based venture capital firm.[1] The firm is headquartered in Auckland and mainly focuses on the technology industry and has backed 200 companies.[2] The firm also operates a variety of angel groups networks such as Ice Angels and Arc Angels.[3] Icehouse Ventures was formally founded in 2019 as a separate company but had operated as part of the Icehouse group since 2001.[4] In 2019, the founding CEO of the Icehouse stepped down as CEO and joined the board of directors of Icehouse Ventures.[5]

Icehouse Ventures receives funding from government agency Callaghan Innovation to provide a founder incubator service to the founders of new startup businesses in New Zealand.[6]

History

The Icehouse was founded in 2001 with a mandate to encourage innovation and entrepreneurship in New Zealand.[7] The organisation was a joint venture between Auckland University and private sector partners.[8] To also support innovation and entrepreneurship by connecting existing SME businesses with new startups the group also added a coworking space, business incubator,[9] and angel network.[10] The group hosted and operated the first Lightning Lab cohorts in Auckland in 2015 and 2016.[11]

The organisation has managed and operated the Ice Angels angel network since 2001.[12] In 2015, the organisation added an internship programme for young students interested in angel investing and venture capital.[13] In 2016, the student programme was expanded into a student-led venture capital fund called Firstcut Ventures, that is managed by Icehouse Ventures in partnership with a group of university students.[14] The fund invests in founders under 30.

Icehouse Ventures was spun out of the Icehouse in 2019 and received external investment into the operating company from 44 investors including KiwiSaver operator Simplicity.[15] Venture capital funds were also added such as the Tuhua Fund and Eden Fund.[16]

In April 2020, Stuff published an article critical of support that the Eden Fund investor network (operated by Icehouse Ventures) had provided to communities in China impacted by COVID-19.[17] The article was found by the Media Council to be inaccurate and unfair.[18]

In September 2020, Icehouse Ventures acquired a stake in the research and development incubator Level Two which works with deep-tech and Clean technology companies.[19] Icehouse Ventures operates the Level Two fund and provides nominee, investment operations and funds management to Level Two.[20]

In 2022, Icehouse Ventures created a special fund to invest in female-founded and led ventures.[21]

Investments

Icehouse Ventures invests in early-stage private companies.[22] It specialises in incubation, seed stage, startup stage, early stage, and growth stage investments in private companies.[23] The firm also operates funds that invest in later stage companies by using the pro rata rights gained during earlier investments.[24]

Notes and References

  1. News: Paul . Robbie . $100m into New Zealand startups: Top tips for founders, investors . 26 February 2021 . . 14 April 2019.
  2. Icehouse Ventures a huge leap forward for entrepreneurs . 15 April 2019 . en . Scoop . 25 February 2021 . 22 June 2020 . https://web.archive.org/web/20200622115951/https://www.scoop.co.nz/stories/BU1904/S00418/icehouse-ventures-a-huge-leap-forward-for-entrepreneurs.htm . live .
  3. News: Michelle . Coursey . 30 May 2014 . An angel at the board table . .
  4. News: Henry . Burrell . 18 December 2020 . From intern to partner at Icehouse Ventures . Business Desk . 26 February 2021 . 22 February 2021 . https://web.archive.org/web/20210222120323/https://businessdesk.co.nz/article/technology/from-intern-to-partner-at-icehouse-ventures . live .
  5. News: O'Neill . Rob . The Icehouse prepares to lose its founding leader of 18 years . 26 February 2021 . Reseller News . IDG . 26 July 2019.
  6. Web site: Founder Incubators . Callaghan Innovation . 26 February 2021.
  7. News: 7 July 2020 . Business growth hub The Icehouse launches new programme for small business owners . Stuff . 26 February 2021 . 8 July 2020 . https://web.archive.org/web/20200708154321/https://www.stuff.co.nz/business/prosper/advice/122058153/business-growth-hub-the-icehouse-launches-new-programme-for-small-business-owners . live .
  8. Spicer . Barry . Dunn . Wendell . Whitcher . Geoff . Transforming Knowledge into Wealth in a New Zealand Research University . Industry and Higher Education . 4 November 2016 . 20 . 4 . 243 . 10.5367/000000006778175856 . 168160517 . 26 February 2021 . en.
  9. News: Fiona . Rotherham . Incubator to delve deeper with founders . 26 February 2021 . . 11 May 2014.
  10. Matthews . Jana . 2005 . Learning to Grow a Business . University of Auckland Business Review . 7 . 1 . 84–89 . https://web.archive.org/web/20160217043331/https://www.thebookshelf.auckland.ac.nz/docs/UABusReview/2005_07_i01-10-learning-to-grow-a-business.pdf . 2016-02-17.
  11. News: Lin . Tao . 17 December 2015 . Lightning Lab accelerator programme increasing investment in 2016 . Sunday Star Business Times .
  12. News: Lesley . Springall . Angel investors: Backing start-ups for fun, satisfaction – maybe even profit . 26 February 2021 . . 10 August 2012.
  13. News: Angel network paving path for interns . . 30 July 2015.
  14. News: Fiona . Rotherham . Student-led fund raises $500,000 to invest in young Kiwi entrepreneurs . 26 February 2021 . National Business Review . 11 October 2016.
  15. News: New investment entity creates $100m in startup capital . 26 February 2021 . National Business Review . 14 April 2019.
  16. News: Chris . Keall . New Icehouse Ventures fund wants to be the Sharesies of venture capital . 26 February 2021 . . 20 November 2020.
  17. News: Susan . Edmunds . 10 April 2020 . New Zealanders 'caught short after masks sent to China' . Stuff . 26 February 2021 . 4 October 2020 . https://web.archive.org/web/20201004103445/https://www.stuff.co.nz/business/120927408/new-zealanders-caught-short-after-masks-sent-to-china . live .
  18. Web site: Jason Wang vs Stuff . Media Council New Zealand . 26 February 2021 . 27 January 2021 . https://web.archive.org/web/20210127081617/https://www.mediacouncil.org.nz/rulings/jason-wang-against-stuff . live .
  19. News: Paul . Spain . LevelTwo and Icehouse Ventures join forces . 26 February 2021 . NZ Tech Podcast . 508 . 29 September 2020.
  20. Web site: New Zealand's Deep Tech Sector Gets Massive Boost As Icehouse Ventures & LevelTwo Join Forces . Scoop . 26 February 2021.
  21. Web site: 2022-04-06 . New Zealand's Icehouse Ventures is raising a $20 million to back female founders . 2022-06-07 . Startup Daily . en-US.
  22. News: John . Anthony . How to pick a 'unicorn' and what it takes for a startup to become one . Stuff . 25 February 2021 . 18 September 2020 . https://web.archive.org/web/20200918043650/https://www.stuff.co.nz/business/industries/111935764/how-to-pick-a-unicorn-and-what-it-takes-for-a-startup-to-become-one . live .
  23. News: 21 May 2020 . Now is the time to look for investment funding . Stuff . 25 February 2021 . 16 July 2020 . https://web.archive.org/web/20200716022137/https://www.stuff.co.nz/business/prosper/finances/300017397/now-is-the-time-to-look-for-investment-funding . live .
  24. News: Icehouse nabs a fresh $26m for its Tuhua fund . 26 February 2021 . National Business Review . 28 November 2019.

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