Volpara Health Technologies, an investee of Bay of Plenty startup group Enterprise Angels' EA Fund 1, successfully listed on the ASX last week.

EA Fund 1 invested $100,000 in Volpara, then named Matakina Technology, in October 2014.

The fund now holds a total of 239,856 ordinary shares, which have a listing value of A$119,928 ($133,000), an uptick in value of 33 per cent from its initial investment, said Enterprise Angels executive director Bill Murphy.

The Wellington-based company raised A$10 million from the issue of 20 million shares at 50 cents each, giving Volpara a market cap of A$61 million at the issue price.

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EA Fund 1 is a sidecar fund managed by Enterprises Angels, which usually co-invests on investments by EA members.

However, Volpara was an EA Fund 1-only investment, which did not go to the wider membership, said Mr Murphy.

The IPO is not an immediate liquidity event for the fund as its shareholding is locked up for one year under the terms of the listing.

Volpara provides digital health solutions for early detection of breast cancer. The company offers a suite of multi-vendor breast imaging tools that enable personalised breast cancer screening based on objective measurements of volumetric breast density.