What Icehouse Ventures does

Icehouse Ventures Limited is a New Zealand-domiciled venture capital firm founded in 2003 (originally as the Ice Angels angel network) and institutionalised in 2013 with its first fund. Operating from Parnell, Auckland, the firm invests across pre-seed through pre-IPO in New Zealand-founded technology companies and currently reports over $800m deployed into 380+ portfolio companies and more than $500m in funds under management. Its shareholder base since 2019 includes Simplicity KiwiSaver, Jarden, and Sir Stephen Tindall's K1W1.

The firm's product architecture is a platform-plus-modules stack of capital vehicles and community programs: the Growth Fund III (later-stage, currently open), the Seed Fund series (Seed Fund I, II, III) and First Cut Fund IV (early-stage, ~30 companies led by founders under 30), the ArcAngels nominee co-investment network (3,000+ members), and supporting platforms including the First Cut founder community, The Fellowship (a high-school scholarship programme co-developed with Crimson Global Academy), the IV Resource Hub (templates and founder education), and the Investor Portal (portal.icehouseventures.co.nz) serving the 3,000+ co-investor base. Distribution runs through the Icehouse Showcase at Spark Arena (drawing ~1,000 high-net-worth investors per event), the First Cut community events across New Zealand, and direct inbound via the Raise Capital Typeform.

Monetisation follows the standard VC model: recurring management fees on funds under management (across multiple vintages), performance-based carried interest on portfolio exits, and nominee/administration fees on co-investor transactions. Notable portfolio outcomes include Halter (unicorn, $2B Series E March 2026), Sharesies (800,000+ investors, $5B AUM), Crimson Education (unicorn, 25+ countries), Dawn Aerospace ($170M valuation), Tracksuit ($150M+ valuation, 10,000+ brands tracked), Vessev (world's first certified electric hydrofoiling tourism vessel), and OpenStar Technologies (first plasma at 300,000°C, October 2024). The firm employs 25+ staff across investment, operations, finance, legal, marketing, design and engineering roles.

Name

Icehouse Ventures

Legal name

Icehouse Ventures Limited

Website

https://icehouseventures.co.nz

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Icehouse Ventures is a New Zealand venture capital firm founded in 2003, deploying over $800m across 380+ Kiwi-founded technology companies from pre-seed through pre-IPO via Growth Fund III, Seed Funds, First Cut Fund IV, and a 3,000+ co-investor network.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

akta.pro secondary industry

Growth Equity Fund-of-Funds (FSANAGAE)

Keywords

• Venture capital investing
• Early-stage investment funds
• Angel co-investment network
• Founder community programs
• Portfolio management services

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Fund Management Fees: Recurring management fees charged on funds under management across multiple vintages including Growth Fund III, First Cut Fund IV, and earlier seed funds. The firm reports over $800m+ invested and operates a portfolio of 380+ companies, with $500m+ in funds under management referenced.
2. Carried Interest / Performance Fees: Typical venture capital performance-based economics on successful portfolio exits across the portfolio (Halter, Sharesies, Crimson Education, Tracksuit, Dawn Aerospace, Vessev, and others).
3. Nominee and Co-investment Administration: Administration fees on nominee-entity investments made on behalf of Ice Angels and ArcAngels member co-investors across the co-investor network of more than 3,000 individuals.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Icehouse Ventures manages multi-stage venture capital funds that deploy equity capital into New Zealand-founded technology companies from pre-seed through pre-IPO, while operating a co-investor angel network that channels individual investor commitments alongside institutional funds. Its offering spans capital deployment (Growth Fund III, First Cut Fund IV, Seed Funds I-III, ArcAngels nominee structures), founder community programmes (First Cut, The Fellowship), and investor services (online Investor Portal, IV Resource Hub).

Product overview

Icehouse Ventures is a New Zealand venture capital firm (not a single SaaS product) that delivers its offering through a portfolio of named investment funds, community programs, and investor services. Its capital products are organized as a platform-plus-modules architecture: the flagship capital vehicles are Growth Fund III (later-stage, currently open to investors), the First Cut Fund series (Seed Fund I/II/III and First Cut Fund IV for founders under 30), and the ArcAngels/Arc Fund nominee co-investment network; layered on top are the First Cut community program (the on-ramp for young founders that feeds the First Cut Funds), The Fellowship (the high-school scholarship delivered with Crimson Global Academy), and the Investor Portal (portal.icehouseventures.co.nz) which serves the firm's 3,000+ investor base across 380+ portfolio companies. Supporting these is the IV Resource Hub, providing templates, term sheet and pitch deck resources, plus the recurring Icehouse Showcase / Demo Day investor event program that has hosted 120 startups over 15 years.

Differentiator

Problem solved

Functional benefit

Brands

• First Cut: A community and fund programme offering young founders (under 30) a pathway into New Zealand's startup ecosystem, including the First Cut Fund investing in ~30 early-stage technology companies per fund.
• The Fellowship
• Growth Fund III
• First Cut Fund IV

Products and services

• Growth Fund III An actively managed later-stage venture fund giving investors access to New Zealand-founded companies from pre-seed through pre-IPO. Marketed as the primary growth-stage investment vehicle currently open to new investors.
• First Cut Fund IV An actively managed fund investing in approximately 30 early-stage technology companies led by Kiwi founders under 30. The fourth iteration of the First Cut Fund series.
• Icehouse Ventures Seed Funds (Seed Fund I, II, III) Series of seed-stage venture funds backing New Zealand founders from pre-seed through Series A. Seed Fund I produced the initial investment in Halter (Craig Piggott, 2016) alongside Sir Peter Beck and Sir Stephen Tindall. Seed Fund II backed Vessev. Seed Fund III backed Tracksuit.
• Arc Fund and Sustainable Technologies Fund Co-investment nominee structure for ArcAngels angel members and a dedicated Sustainable Technologies Fund mandate, led within the Icehouse Ventures platform by Principal Bex Gidall.
• Investor Portal Online investor portal serving Icehouse Ventures' investor base of more than 3,000 co-investors and 380+ portfolio companies. Provides investor login, fund reporting, portfolio tracking, communications and a community forum for the Ice Angels co-investor network.
• First Cut Community New Zealand's largest community for young founders, operators and the startup-curious. Free-to-join program that hosts regular events across Aotearoa, connects members with advisors and portfolio founders, and provides a direct pathway to raise through the First Cut Funds.
• The Fellowship A first-of-its-kind program in partnership with Crimson Global Academy, awarding five Year 12 students annually a fully funded Year 13 CGA scholarship (valued at $30,000) plus $10,000 in equity-free funding, combined with mentorship, investor engagement and founder events.
• IV Resource Hub Centralised knowledge, experience and support hub for early-stage founders. Provides templates (IV Term Sheet Template, IV Pitch Deck Best Practice), an NZ Venture Capital Landscape Overview, an Investment Readiness Flowchart, a perks & partners directory and advice from portfolio founders.
• Ice Angels Co-Investor Network Co-investor angel network operated alongside Icehouse Ventures' main funds, allowing individual investors to participate in early-stage rounds through Icehouse Ventures nominee entities.

Quantifiable outcome

• $800m+ invested into 380+ New Zealand-founded companies over 20+ years
• +4 more outcomes

Named customers18 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• Crimson Global AcademyflagshipStrategic or Co-development PartnerCo-developed The Fellowship programme with Icehouse Ventures, offering fully funded Year 13 scholarships (valued at $30,000 per student) combined with mentorship, investor engagement and $10,000 in equity-free funding for each of five selected Year 12 students annually.
• New Zealand Active Investor Plus visa scheme (Immigration NZ)coreGTM or Marketing PartnerIcehouse Ventures works with Active Investor Plus visa applicants, having supported over 30 golden visa applicants channel capital into NZ growth companies since the April 2025 rule changes.
• Outset VenturesminorStrategic or Co-development PartnerEcosystem partner; Icehouse Ventures partners with Outset Ventures and Ministry of Awesome for code of conduct matters and shared startup ecosystem initiatives.
• Ministry of AwesomeminorStrategic or Co-development PartnerEcosystem partner for Code of Conduct reporting and broader Christchurch startup community support; referenced alongside Outset Ventures in the IV Community Code of Conduct.

Scale indicators7 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Blackbird Ventures: Australia/New Zealand early-stage venture capital firm and one of IV's closest direct competitors, with overlapping NZ founder relationships (co-invested in Ivo, Halter, Ideally) and a similar community-led brand identity built around a large founder/investor ecosystem.
• Movac: New Zealand early-to-growth-stage venture capital firm that has co-led rounds alongside IV (Hnry, Re-Leased) and competes for the same pre-seed-to-Series A Kiwi founder pool with a longer NZ operating history.
• GD1 (Global from Day One / WNDR): New Zealand venture capital firm actively leading Series A rounds (Alimetry A2, Caruso with IV, NextWork) and competing directly with IV for NZ tech founders across seed and growth stages.
• NZVC: New Zealand early-stage venture capital fund that co-invested alongside IV in Appetise, NextWork and others, targeting the same pool of Kiwi founders from pre-seed through Series A.
• Outset Ventures: New Zealand deep-tech focused venture capital firm and ecosystem partner (Code of Conduct partner with IV and Ministry of Awesome), competing for hardware, aerospace and science-led founders in NZ.

Emerging players

• Phase One Ventures: New Zealand pre-seed and seed investor that has co-invested with IV in Contented and NextWork, focused on the earliest-stage Kiwi founders with smaller ticket sizes.
• Altered Capital: New Zealand early-stage venture capital firm that led the Contented seed with IV participating, representing a newer entrant competing in the same Kiwi seed-stage deal pool.

Broad incumbents

• Airtree Ventures: One of Australia's largest early-stage venture capital firms that has co-invested with IV in Partly and increasingly scouts NZ founders, representing a broader incumbent player encroaching on IV's home market.
• Square Peg Capital: Australia and Israel-focused early/growth-stage venture capital firm that co-invested in Partly alongside IV, competing for high-quality Australasian tech founders with larger cheque sizes and broader geographic reach.

Others

• K1W1: Sir Stephen Tindall's New Zealand investment vehicle and shareholder of IV, co-investing alongside Icehouse Ventures in rounds including Halter, Contented and Appetise, functioning as both an LP and a strategic co-investor rather than a direct competitor.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/IcehouseVenture
• Facebookfacebook.com/IcehouseVentures
• LinkedInlinkedin.com/company/icehouse-ventures

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles29 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments278 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Icehouse Ventures