The Bay of Plenty's Enterprise Angels has launched an ambitious second sidecar fund targeting up to $6 million, which has already attracted more than $700,000 in commitments from members.
The early stage investment group, which now has 200-plus members across Tauranga, Rotorua, Taupo and Hamilton, closed EA Fund 1 on $2.4 million.
The first fund has to date invested $1.65 million in 15 companies and has reserved about 30 per cent of the fund for follow-on investments in the fund's most successful companies over the next couple of years.
"The initial response from members has been great," said Enterprise Angels executive director Bill Murphy. "We're expecting it will be able to be quite a bit bigger than our first fund."
The fund's managers are targeting about $4.5 million, with a minimum size of $2 million and a maximum of $6 million.