A Wellington venture capital firm has secured $20 million in US funding for local companies through signing an investment partnership with a Florida state government authority.
Endeavour Capital, which has established an office in the southeastern US state, says the agreement would also allow local companies to partner with American
firms.
"This is a New Zealand first," said executive chairman Neville Jordan.
Endeavour's investment portfolio includes Hamilton natural sweetener maker BioVittoria and Nexus6, which has developed a computerised asthma inhaler.
Jordan said the agreement was a two-way deal which would allow for the further development of US intellectual property in New Zealand.
A partnership possibility had already arisen, he said, with Florida's Scripps Institute interested in supplying drug intellectual property to New Zealand for further development.
Industrial Research Ltd (IRL), a Crown research institute, may also take advantage of the agreement.
"Establishing ourselves alongside Endeavour in the North American market is a logical continuation of our more outward-facing intention to help New Zealand manufacturing and businesses make more money," said IRL chief executive Shaun Coffey.
Jordan said partnering with target markets was the best way to take New Zealand ideas to the the world.
"We have positioned ourselves alongside the Florida state government which is looking for exactly the type of innovative companies Endeavour represents. This gives us a well-funded staging post literally in the backyard of the fastest-growing state, in the world's most sophisticated market."
