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Funding for start-ups.
ICE Angel Investment Process
The following process outlines the typical steps taken by start-ups that are seeking capital from the ICE Angels.
Gust Applications: All start-ups seeking capital from the ICE Angels are required to submit an application to the ICE Angels’ online portal, Gust.
Drop Sheet Review: The Gust application is reviewed to ensure it fits the criteria including stage of the business, opportunity to scale, uniqueness and IP position, funding required, and exit opportunities.
Screening Committee Presentation: Selected applicants are invited to present to the ICE Angels screening committee. Following the screening the most fitting applicants will have the opportunity to present at an ICE Angels Investment Evening.
ICE Angels Investment Evening Presentation: Selected applicants are provided the opportunity to give a 10-minute presentation to the ICE Angels at a monthly Investment Evening.
Follow on meeting: In the week following the Investment Evening, applicants spend two hours with interested investors in a meeting structured to enable the investors to establish an intimate understanding of the opportunity. Interested investors get together at the end of this meeting to indicate their interest.
Due Diligence & Term Negotiations: Due diligence is performed by investors who have indicated an interest in the opportunity. The ICE Angels’ identify the key issues to tackle in due diligence and pursue a conclusive decision of whether or not to support the applicant. Due diligence usually takes 4-6 weeks. Negotiations of investment terms either take place throughout due diligence or following the completion of it.
ICE Angel Criteria
The following are the general criteria that the ICE Angels consider when reviewing an investment opportunity:
- Location: Company and assets must be located in NZ
- Valuation: Company must not have a pre-money > NZD$10m
- Industry: Applicant must not be property, mining, or banking related.
- Applicant must be for-profit.
- Preferred Industries: Software, media, web, mobile, robotics, biotech, medical devices
- Stage: Beta product or service developed with validation or paying customers
- Team: Experienced with deep capabilities relevant to the business opportunity
- Uniqueness: defendable IP and/ or a defendable competitive advantage
- Capital requirements for current round: $250k-$1.5m
- Total capital requirements to exit: ideally, <$10m
- Growth Forecasts: >$20m annual revenue in year 5
- Exit opportunity: intention to achieve an exit within 5 years
All start-ups seeking capital from the ICE Angels are required to submit an application to the ICE Angels’ online portal, Gust.
For more information or to apply for ICE Angel Investment funding, please contact:
DDI: +64 9 308 6210
In conjunction with other key New Zealand investors, The ICEHOUSE has recently launched a Seed Fund for early stage companies looking for investment to kick start their business idea.
Global from Day One (GD1) is an independent, New Zealand-based seed investment fund that invests in early stage New Zealand concepts and ventures that have global potential. Typical activities that GD1 funds include proof of concept (PoC), market validation, rapid prototyping, intellectual property protection, and enticing first customers.
GD1 is open to ventures from throughout New Zealand and encourages applications from research organisations, universities, incubators, private enterprise and individuals. To apply, you must submit a proposal to GD1 through the online Gust platform. Click here to apply now.
Visit the Global from Day One website to learn more about the fund: www.globaldayone.com