Kyle
VentureBeat is reporting today that Paypal co-founder Peter Thiel has invested $12.1 million dollars into the New Zealand technology scene.
Thiel’s Valar Ventures is teaming up with the New Zealand Venture Investment Fund for a total offering of $40 million dollars. New Zealand’s Minister of Economic Development, Steven Joyce, welcomes the funding not just for the money but also the connections Thiel brings to the table.
“[This] is a very positive development for New Zealand technology companies wanting to expand into large offshore markets,” Joyce told the Wall Street Journal. “These companies require not only capital but also getting access to the right offshore networks in those markets and building their customer base.”
More after the break
New Zealand has a budding start up scene compared to the likes of Boulder Colorado.
Thiel is no stranger to New Zealand investments he is a backer of Xero which is an accounting software and also booktracker a company that provides soundtracks to accompany e-books. Thiel’s other New Zealand investment is a company called Pacific Fibre which is building another internet cable from Australia to New Zealand. All of these investments were made through Thiel’s Valar Ventures.
Thiel says that New Zealand is a good investment telling New Zealand based idealog:
“Over the last several years, New Zealand has been nurturing more early-stage tech companies”
In addition to Paypal Peter Thiel was an early stage investor in Facebook and looks to make $1.7 billion dollars on their initial public offering later this spring.
