Queenstown hospitality software company First Table’s pitch for investment from Mainland Angel Investors.
The amalgamation of South Island angel investment organisations is expected to provide a super boost to business start ups across the south.
Mainland Angel Investors (MAI), which covers Southland and Otago, and Canterbury Angel Investors are combining forces.
The not-for-profit organisations provide forums for start up companies seeking capital to pitch to investors who invest in the company under a nominee company.
Mainland Angel Investors board chair Brad Hurndell said the southern group launched in 2020 as a collaboration between Startup Dunedin Trust, Coin South, and Startup Queenstown Lakes.
Mainland Angel Investors chair Brad Hurndell says the amalgamation would open new opportunities for southern start ups.
It now had a portfolio of 10 investments worth $1.5 million, the majority being local investments such as Queenstown tech businesses First Table and Loaded.
It also supports business who have not secured funding, such as Invercargill-based software company PaySquad.
The opportunity to join with the Canterbury branch of angel investors would open new opportunities with the population of a major city and its research and development, technology and educational opportunities, he said.
Canterbury Angels chair Paul Claridge said the idea of amalgamation was “love at first sight”.
Canterbury Angel Investors chair Paul Claridge said the amalgamation made good sense and was supported by everyone.
The organisation had been operating since 2015 and invested about $2.6m in 20 companies since.
Among its success stories are document collection and management platform FileInvite and powdered super food producer Nutrient Rescue.
The organisation saw great value in joining the Mainland group, he said.
“We were really attracted to the model that they’ve developed and they’ve got good people.
“They’re really proven with good systems operating and really good support,“ he said.
The amalgamated organisation would be able to write bigger cheques, and provide more experienced mentors, advice and support for budding start ups.