When Halter raised a $155 million Collection D final month, turning the Kiwi agtech scaleup right into a unicorn, Icehouse Ventures was as soon as once more among the many buyers.
Now the New Zealand VC is gearing as much as again the subsequent wave of Kiwi tech startups and has already secured NZ$15 million in commitments in direction of a brand new $30 million fund.
Seed Fund IV is the agency’s fourth flagship early-stage fund, constructed to again 30 of New Zealand’s most promising up and coming startups over the subsequent three to 4 years.
The VC kicked off 2025 by elevating NZ$122 million (A$111m) for its second progress fund to again later-stage scaleups like Halter.
Icehouse Ventures CEO Robbie Paul stated the passion for the brand new early-stage fund displays Aotearoa’s expertise for creating high-value startups during the last decade.
“If Funds 1 and a pair of have been because of the aspiration of buyers for New Zealand, Funds 3 and 4 are because of entrepreneurs delivering on these aspirations,” he stated.
“It’s onerous to disregard the export income, excessive worth jobs, technical triumphs, and money returns delivered by firms like Halter, Crimson, Daybreak Aerospace, Tradify, and Tracksuit.”
Seed Fund IV’s is already deploying capital. Its first funding is Harth, an AI-powered platform for collaborative constructing design, cofounded by Scott Barrington, founding father of Modlar; and Tom Batterbury, cofounder of Auror and New Zealand EY Entrepreneur of the Yr.
Batterbury stated they weren’t solely impressed by the pace and conviction Icehouse Ventures delivered to backing them, but additionally the worth they’ve already added.
“The NZ enterprise ecosystem has come a great distance since Scott and I raised our first rounds with our earlier startups over a decade in the past,” he stated.
“It’s thrilling to see a brand new era of startups scaling sooner, many with early help from Icehouse Ventures. Producing extra world class know-how firms is a good factor for New Zealand.
The NZ$15m first shut for Fund IV took one month and 80 buyers, greater than half of whom had invested in earlier Seed funds, and others, together with Sir Stephen Tindall, have backed all 4.
In contrast, the unique Seed Fund I, which launched in 2016, required 12 months and the help of 220 buyers to lift $11m.
Fund I invested in now-unicorn Halter, Tradie software program Tradify, which bought final yr at a 23x a number of on their preliminary funding, Daybreak Aerospace, and Sharesies. Primarily based on information from the 2024 Carta report, Seed Fund I is within the high decile for money returns and whole worth relative to >2,000 companies, globally.
Fund II adopted in 2018 and invested in Mint Innovation, Vessev, Partly, Foundation, and Open Star. Most not too long ago, Seed Fund III was among the many first buyers in New Zealand’s quickest rising startup, Tracksuit, Sean Molloy and Sean Simpson’s stealth power startup, Ternary Kinetics, Watchful, Ideally, Starboard, and Zincovery.
“Investing in and supporting early-stage startups is what we all know and what we’re identified for. Now we have been rewarded for sticking to our knitting and that’s what we’re doing with Seed Fund IV,” Robbie Paul stated.
“The distinction this time is we’re investing in an ecosystem with vital tailwinds together with larger connectivity with worldwide buyers, the influx of expertise and capital from offshore, and most significantly, the recycling of expertise.”
However you’ll be able to’t be a enterprise investor with out having some misses among the many hits.
Alongside seeing 14 startups Icehouse backed fail, Paul’s regrets embrace declining or lacking a number of nice startups, resembling Kami and Batterbury’s Auror.
“Our errors since 2016 have been as formative as our successes. The excellent news is identical group who celebrated our successes and discovered from our errors are again once more for this fund,” Paul stated.
“Relative to the primary fund we’re additionally advantaged by the most important deal group within the nation, a proprietary tech platform, and a pair of,500 extra buyers in our neighborhood.”
Now they’re working at each ends of an organization’s progress. In the identical week Icehouse funding NZ$45m funding in Halter’s Collection D of Halter – an organization with 200 group members, $50m+ in income, and working in three international locations, in addition they backed Harth, a group of two with an idea and no income.
Robbie Paul says “vertical integration” within the funding journey is a key energy for the agency, the place the flywheel impact of the later stage and early stage investments help each other.
“The seed funds are advantaged as a result of progress funds deliver further hearth energy within the later rounds. Our progress funds are advantaged due to the deal movement from our seed funds,” he stated.
The Icehouse CEO stated Seed Fund IV will stay open for funding over the approaching months as they safe the remaining NZ$15m.
The minimal funding is $50,000, paid in 25% tranches. The fund is open to wholesale buyers solely.
Icehouse Ventures CEO Robbie Paul in entrance of the VC’s founder wall
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