Punakaiki Fund
Punakaiki Fund is a New Zealand-based evergreen venture capital fund that invests in high-growth, revenue-generating technology companies. Managed by 2040 Ventures, it offers wholesale investors exposure to a diversified NZ tech portfolio through Catalist Markets.
- Company typePrivate
- Founded2010
- HeadquartersAuckland, New Zealand
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Punakaiki Fund does
Punakaiki Fund is New Zealand's evergreen venture capital fund, established in 2010 and managed by 2040 Ventures Limited. The fund invests in high-growth, revenue-generating New Zealand-based technology companies across sectors including education software (Orah), fleet compliance (Whip Around), data migration and secure file transfer (Couchdrop), AI-powered horticulture vision (Hectre), maritime vessel management (Sea-Flux), and telecommunications (Devoli). As of 31 May 2026, the fund held portfolio Net Asset Value of approximately NZD $140.3 million across 10 active portfolio companies, with a stated 2.0x gross uplift on invested capital and 3,915,996 shares issued (including 60,606 treasury shares).
The fund's core product is a tradable share structure listed on Catalist Markets under the 2025 Wholesale Investment Offer, priced at NZD $33.50 per share with a NZD $50,000 minimum investment. Distinct from traditional VC funds with fixed lifecycles, Punakaiki operates as an evergreen vehicle that invests to hold rather than pursue forced exits. The fund is one of a small number of Active Investor Plus Visa approved funds in New Zealand, providing an immigration pathway for eligible offshore investors alongside equity returns. Notable exits include Linewize (acquired by Family Zone in 2017 for NZD $16.5 million) and Quantifi Photonics (the fund's largest exit to date), with Whip Around receiving majority investment from Accel-KKR in March 2026 while Punakaiki retained its position.
The fund's go-to-market combines direct engagement with wholesale and institutional investors, annual investor roadshows across New Zealand, and the Catalist Markets platform for secondary trading. Punakaiki maintains concentrated ownership in several portfolio companies — 53.9% of Devoli, 29.1% of Couchdrop, and 13% stakes in both Hectre and Sea-Flux — providing both control influence and aligned long-term outcomes. Governance is in transition, with Scott Weenink appointed Chair-designate (to replace retiring Chair Mike Bennetts in August 2026) and Andrew Chen joining as director from July 2026, replacing outgoing director Nigel Scott.
Punakaiki Fund firmographics
Firmographics- Name
- Punakaiki Fund
- Legal name
- Punakaiki Fund Limited
- Website
- https://punakaikifund.co.nz
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Punakaiki Fund is a New Zealand-based evergreen venture capital fund that invests in high-growth, revenue-generating technology companies. Managed by 2040 Ventures, it offers wholesale investors exposure to a diversified NZ tech portfolio through Catalist Markets.
- Ownership category
- akta.pro rank
Punakaiki Fund industry classification
Industry- Product category
- Venture Capital
- NAICS
- Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Transition / Engagement & Stewardship Funds (FSANAJAO)
- akta.pro secondary industry
- Emerging Manager / Small Fund Secondaries (FSANAFAL)
Keywords
Where Punakaiki Fund is headquartered
LocationHeadquarters
- HQ city
- Auckland
- HQ country
- New Zealand
- HQ region
- Oceania
Offices1 record
Markets served
Punakaiki Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Investment Returns: Punakaiki Fund generates returns through equity investments in portfolio companies, realizing gains via exits, trade sales, and IPOs. The fund has delivered 2.0x ROI uplift on invested capital historically.
- Capital Appreciation: The fund's primary value creation comes from appreciation of its portfolio holdings, with NAV per share of $33.95 as of May 2026, up from previous valuations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Wholesale Investment Offer - $33.50 per Share with NZD $50,000 minimum investment |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Punakaiki Fund product offering
Product offeringCore offering
Punakaiki Fund is an evergreen venture capital fund that invests patient, long-term capital into high-growth, revenue-generating New Zealand technology companies. The fund offers wholesale investors tradable shares on the Catalist Markets platform and supports founders with growth capital without traditional VC exit timeline pressure. It is managed by 2040 Ventures Limited and operates as one of New Zealand's approved Active Investor Plus visa funds.
Product overview
Punakaiki Fund operates as a single evergreen venture capital fund focused on New Zealand technology companies. The fund offers wholesale investors access to a diversified portfolio of high-growth tech companies through a tradable share structure on Catalist Markets. The core offering combines venture capital investment management with New Zealand immigration pathways through the Active Investor Plus Visa program. The fund was established in 2010 and manages approximately $140.3m in portfolio asset value across 10 active portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Punakaiki Fund (Active Investor Plus Fund) An evergreen venture capital fund that invests in high-growth, revenue-generating New Zealand technology companies, offering wholesale investors exposure to a diversified portfolio of tech companies through a tradable share structure on Catalist Markets.
- Active Investor Plus Visa Program
Quantifiable outcome
- 2.0x ROI uplift on invested capital historically
- +2 more outcomes
Companies that use Punakaiki Fund
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Punakaiki Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Punakaiki Fund partnerships and signals
Strategic signalScale indicators9 records
Recent moves7 records
Expansion highlights6 records
Punakaiki Fund competitors and assessment
Company assessmentDirect peers
- Movac: New Zealand venture capital firm investing in early- and growth-stage Kiwi technology companies. Closely comparable to Punakaiki in terms of mandate (NZ tech) and stage (revenue-generating), though Movac runs traditional closed-end funds rather than an evergreen structure.
- Icehouse Ventures: NZ-based early-stage investor and accelerator managing multiple Kiwi funds. Directly comparable on geography, stage, and sector focus; differs in operating an accelerator model alongside fund vehicles.
- NZ Growth Capital Partners (NZGCP): NZ government-backed fund-of-funds and direct VC investor supporting early-stage Kiwi companies. Comparable NZ focus and stage, though NZGCP operates as a fund-of-funds plus direct investor with public-sector capital.
- Pacific Channel: NZ deep-tech and science-backed VC firm investing in early-stage Kiwi technology companies. Comparable NZ tech mandate and stage, with a deeper focus on deep-tech verticals.
- WNT Ventures: NZ tech-focused early-stage VC fund manager. Direct peer on geography and stage, though smaller AUM and more concentrated in seed-stage deals than Punakaiki's growth-stage focus.
- GD1 (Global From Day One): NZ venture capital firm investing in NZ-founded technology companies targeting global markets from inception. Comparable NZ tech mandate; structurally distinct as a traditional VC fund rather than evergreen.
- Pioneer Capital: NZ private equity and growth capital firm investing in NZ companies. Comparable NZ focus and growth-stage mandate, with broader sector exposure beyond pure technology.
- K1W1: Long-running NZ venture capital fund associated with the Smales family office. Highly comparable on evergreen-style long-term NZ tech investing ethos, though structurally a family-office vehicle.
Broad incumbents
- Blackbird Ventures: Australia and New Zealand's largest VC firm. Comparable as an Australasian tech investor, though materially larger, focused on Australian founders, and operates traditional closed-end funds.
Emerging players
- Climate Venture Capital Fund: Climate-tech venture fund also managed by 2040 Ventures, Punakaiki's fund manager. Most directly comparable as a sibling vehicle under the same manager, with a thematic climate focus overlapping Punakaiki's impact orientation.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Punakaiki Fund social profiles
Digital presencePunakaiki Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Punakaiki Fund leadership team
Management profileNumber of profiles
Profiles7 records
Punakaiki Fund funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Punakaiki Fund M&A and investment
M&A and investmentM&A
Investments44 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Punakaiki Fund
What does Punakaiki Fund do?
Punakaiki Fund is an evergreen venture capital fund that invests patient, long-term capital into high-growth, revenue-generating New Zealand technology companies. The fund offers wholesale investors tradable shares on the Catalist Markets platform and supports founders with growth capital without traditional VC exit timeline pressure. It is managed by 2040 Ventures Limited and operates as one of New Zealand's approved Active Investor Plus visa funds.
Is Punakaiki Fund a public or private company?
Punakaiki Fund is a private company. It is classified as unknown and is currently operating.
When was Punakaiki Fund founded?
Punakaiki Fund was founded in 2010. It employs 1 to 10 people.
Where is Punakaiki Fund based?
Punakaiki Fund is headquartered in Auckland, New Zealand, in the Oceania region.
How does Punakaiki Fund make money?
Two revenue lines are on record. Investment Returns are the primary driver. The others are capital Appreciation.
Who are Punakaiki Fund's main competitors?
Direct peers on record are Movac, Icehouse Ventures, NZ Growth Capital Partners (NZGCP), Pacific Channel, WNT Ventures, GD1 (Global From Day One), Pioneer Capital and K1W1. Blackbird Ventures is listed as a broad incumbent. Climate Venture Capital Fund is listed as an emerging player.
Does Punakaiki Fund have an API?
No public API is recorded for Punakaiki Fund.
What industry is Punakaiki Fund in?
Punakaiki Fund's product category is Venture Capital. Its primary akta.pro industry code is FSANAJAO, Transition / Engagement & Stewardship Funds, with a secondary code of FSANAFAL, Emerging Manager / Small Fund Secondaries. Its NAICS code is 5259 and its SIC code is 6282.