New Zealand-based VC firm Movac has closed its sixth technology fund at $125 million, while Japan-based Dimension has closed its second fund at $75 million, reported AVCJ.
NZ wealth fund leads Movac’s fund close
New Zealand-based VC firm Movac has closed its sixth technology fund at $125 million, according to AVCJ.
New Zealand’s sovereign wealth fund, New Zealand Superannuation Fund, participated as a cornerstone investor for the funding round.
The sovereign wealth fund had committed up to $70 million in Movac Growth Fund 6 in December last year as 50% of the first close, with the potential to increase it to $70 million, depending on Movac’s fundraising.
NZ Super Fund invests to help pay for the increased cost of universal pension entitlements in the future. A long-term, growth-oriented investor, the fund has around NZ$40 billion in assets, including $6 billion invested in New Zealand.
Movac is New Zealand’s most experienced venture capital firm. For more than 20 years, the firm has been backing some of the country’s most successful tech companies, with previous portfolio firms including Vend, Timely, Coretex, Unleashed Software, Aroa Biosurgery, PowerbyProxi, and Trade Me.
Existing portfolio companies include Dawn Aerospace, Tradify, Alimetry, Atomic.io, ZeroJet, KRY10, Tradify, Auror, and TracPlus.
JIC, local investors back Dimension
Japan-based consulting firm Dream Incubator’s VC unit, Dimension, has closed its second fund at $75 million, according to AVCJ.
Japan’s sovereign wealth fund, Japan Investment Corporation (JIC), participated in the funding along with several local firms, including Carta Holdings, Growin’ Partners, Loyalty Marketing, and SMBC Nikko Securities. Dimension launched the fund in May last year with a target of 10 billion yen.
Last week, JIC participated in early-stage investor Genesia Ventures’ third fund closing at $110 million.
JIC had invested $30 million in Saisei Bioventures, a venture capital vehicle focused on the regenerative medicine industry, in February and had committed a total of $100 million in funds managed by New Enterprise Associates (NEA), a US-headquartered venture investor, in January.
JIC was established on September 25, 2018, under Japan’s Industrial Competitiveness Enhancement Act. Its focus areas are driving the creation of new businesses for what it called Society 5.0. One of its goals is to create unicorn startups.