PayPal co-founder raises new $32 million fund for New Zealand tech companies

Focused on the New Zealand tech industry

PayPal co-founder Peter Thiel is launching a new venture fund focused on the New Zealand tech industry. The fund, which will be managed by Valar Ventures, totals $32 million, and has received some money from the New Zealand Venture Investment Fund (NZVIF). Thiel is contributing $12.2 million, with NZVIF and another firm providing the rest. “[This] is a very positive development for New Zealand technology companies wanting to expand into large offshore markets,” says NZ Minister of Economic Development Steven Joyce. “These companies require not only capital but also getting access to the right offshore networks in those markets and building their customer base.”

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