The ICE Angels is an Auckland-based angel investment network that was founded by the ICEHOUSE business incubator in 2003. Its objective is to connect high-potential start-up ventures with willing investors in order to support the success of emerging New Zealand companies. The ICE Angels is composed of 105 members who have collectively invested more than $30 million in 20 companies over 54 rounds.
The ICE Angels’ investors are interested in early stage ventures with international growth potential within sectors including software, media, internet, communications, life sciences, and medical devices.
The ICE Angels’ typical deal is shaped as follows:
- Stage: Beta product or service developed with validation customers
- Capital Needs: $100k - $1.25M
- Market Opportunity: international with a potential market of >NZ$100m.
- Exit Opportunity: potential liquidity event identified with >10X return
All applications to the ICE Angels flow through the following review process:
- Dropsheet Review: The applicant’s one page application is reviewed to ensure the deal fits “hard criteria” including the stage of the business, size of the opportunity, uniqueness, funding required and pre-money valuation.
- Presentation to the Screening Committee: Selected applicants are invited to present to a five-member screening committee. The committee’s objective is to select the best fitting applicants to present at an Investment Evening.
- Investment Presentation at an Investment Evening: Selected applicants are provided the opportunity give a 15-minute presentation to the ICE Angels at a bi-monthly Investment Evening. Successful presentations are followed by one-hour “follow on meetings” with interested investors.
- Due Diligence & Final Negotiations: Due diligence is performed by investors who have indicated interest in the deal. In due diligence, the prospective investors work with the applicants to establish an intimate understanding of both the business and the terms of the investment.
