"I back myself to give really good advice and I've got a track record of doing it."
Local investor Sheldon Nesdale said he was convinced by Mr Wigg's pitch and keen to get in on the fund.
"It's New Zealand companies with New Zealand co-founders and New Zealand investment and I think that's just amazing and if he's going to lead the charge then I'll be one of his followers."
Mr Nesdale subscribed to buy a $2000 share at the conclusion of the meeting.
However, Bill Murphy, executive director of Bay of Plenty angel investment group Enterprise Angels, said he had mixed feelings on the offer.
"On the one hand, anything we can do to make the wider New Zealand public aware of the importance of innovation and start-up companies is a good thing. It's also important to provide capital to start-ups, so that's all positive.
"Angel groups are established on the premise that investing in start-ups is very risky and in order to do that you need to be a combination of wealthy and very experienced in investing.
"If the fund is being promoted to the public other than eligible persons then I think there's some danger there because the statistics show us that if we invest in 10 start-ups, half of those we'll lose all our money on.
"All those risks need to be clearly communicated to the public."
Potential investors should carefully consider their own ability to invest in high risk/high return companies as opposed to the advantages of doing so in collaboration with others, which was the angel investment model, Mr Murphy said.
Mr Wiggs said the Punakaiki fund would appeal to people who wished they had invested early in Xero, a high-growth internet accounting service.
He had a list of 15 to 30 companies that he would be speaking to once the fund was raised, and had already received a pre-registration indication of about $9 million from would-be investors.
The fund would look to list on the New Zealand stock exchange within three to five years, he said.
