The team took few hours to sleep after midnight before returning at 5.30am to continue jumping today..
Heard says he's "stoked" to have knocked off the record in just five hours.
"It's a real thrill to have broken the record and achieved what we set out to do but there's still the rest of the day to go and I'm amped to keep jumping and raising funds for the Mental Health Foundation."
The jump site will operate its usual business hours and jump times during the day.
Jumpers will be able to join Heard for a tandem bungy or a Guinness experience with money going towards the fundraising total.
AJ Hackett Bungy New Zealand managing director Henry van Asch said Heard had been part of the Auckland bungy community since he made his first jump in 2006 - and came straight back up for another, then two more, on the same day.
"Since then, Mike - or Hedgie as we all call him - has been one of our most fervent enthusiasts, taking on numerous personal challenges and jumping like he was born to bungy."
Heard already holds the 60-minute record, jumping 80 times in just 60 minutes in March 2014.
People can support the fundraising project by visiting mentalhealth.org.nz/bungy or texting BUNGY to 2446 to make an automatic $3 donation.