The Ice Angels are spreading their wings.
After two years, the private investor network specialising in young, entrepreneurial businesses has built up a network of more than 60 members. It set up a Bay of Plenty chapter last month.
In that time, it has seen members invest $795,000 in two
companies, medical technology firm Nexus 6 and scientific software company Biomatters.
Ice Angel chief executive Cory Williams said several other entrepreneurial businesses were being assessed.
Partnerships had been formed with fledgling angel networks in Wellington and Christchurch, but the network was still at an early stage compared with angel networks in other countries.
The challenge was in finding great companies and people prepared to take on the investment risk inherent with early-stage companies.
"There's always enough money; it's more a question of getting the match right between investors who are prepared to take the risk and the entrepreneurs who have the capability to make money."
Williams said "angels" were typically former entrepreneurs and successful business people who were looking to add young companies with potential to their portfolios.
By providing anything from $50,000 to $1 million to technology and creative companies in their start-up-phase, the Ice Angels aimed to help get them to the venture capital stage.
He said Angel investing attracted people who wanted to allocate about 10 per cent of their investment portfolio in a range of high-growth, high-energy, early-stage companies.
"They want a good return, but that's not the sole driver," he said.
"Angels also get alongside them in a governance and mentoring role.
"In a way, it's a little like a parent-child relationship - often the faith and support are unconditional."
