1
00:00:00,200 --> 00:00:03,720
Speaker 1: Right now. The hunter's on for New Zealand's big new startup,

2
00:00:03,920 --> 00:00:06,920
Speaker 1: ice House Ventures has opened a thirty million dollar seed

3
00:00:07,000 --> 00:00:10,600
Speaker 1: round in an attempt to fund thirty new business ventures.

4
00:00:11,039 --> 00:00:13,920
Speaker 1: Their seed funds have produced some of New Zealand's biggest

5
00:00:13,920 --> 00:00:17,919
Speaker 1: startups like Shears's and Halter, which everybody knows about, which

6
00:00:17,960 --> 00:00:21,079
Speaker 1: is a unicorn, which is very successful. So what's the

7
00:00:21,120 --> 00:00:23,720
Speaker 1: next one? And already they've got half the cash that

8
00:00:23,760 --> 00:00:26,880
Speaker 1: they've asked for. Robbie Paul is the ice House Ventures

9
00:00:26,920 --> 00:00:28,000
Speaker 1: CEO with now.

10
00:00:27,960 --> 00:00:29,880
Speaker 2: Hi, Robbie Raan good to be here.

11
00:00:30,160 --> 00:00:34,760
Speaker 1: So what you've got half the fund subscribed already? Is

12
00:00:34,760 --> 00:00:36,519
Speaker 1: that right? Correct?

13
00:00:36,640 --> 00:00:39,600
Speaker 2: Yeah, we've bolted out the gates. More than fifteen million

14
00:00:39,720 --> 00:00:43,159
Speaker 2: committed to towards our thirty million dollar target. And I

15
00:00:43,159 --> 00:00:46,000
Speaker 2: mean what's really important is reaching a first close. Men's

16
00:00:46,080 --> 00:00:48,560
Speaker 2: were in business and we've got cash to invest in

17
00:00:49,360 --> 00:00:53,840
Speaker 2: sort of great companies even if we but we're obviously

18
00:00:53,960 --> 00:00:55,120
Speaker 2: very confident that we will.

19
00:00:55,480 --> 00:00:58,320
Speaker 1: The minimum is fifty k right, who is investing.

20
00:00:58,760 --> 00:01:02,720
Speaker 2: Mostly wholesale and ess from around New Zealand and several

21
00:01:02,760 --> 00:01:07,319
Speaker 2: investors from offshore. The minimum, correct is fifty thousand. Importantly,

22
00:01:07,400 --> 00:01:10,200
Speaker 2: that's paid over a series of years, so it's not

23
00:01:10,319 --> 00:01:13,760
Speaker 2: all upfront. We invest in companies over a few years.

24
00:01:14,040 --> 00:01:16,880
Speaker 2: In the commitment and payment pattern sort of follows that.

25
00:01:17,720 --> 00:01:20,759
Speaker 1: Obviously, you're looking for the next Halter, it's the Unicorn,

26
00:01:20,880 --> 00:01:23,440
Speaker 1: it's the it's the you know, it's I guess it's

27
00:01:23,480 --> 00:01:27,559
Speaker 1: the dream of any seed fund. What are you looking

28
00:01:27,560 --> 00:01:30,640
Speaker 1: for particular types of businesses to invest in this time around?

29
00:01:31,840 --> 00:01:34,040
Speaker 2: You're right, I mean Halter is a remarkable company, and

30
00:01:34,360 --> 00:01:36,240
Speaker 2: certainly if we can find one more of those with

31
00:01:36,319 --> 00:01:41,480
Speaker 2: this fund, then every we'll look after itself. And to

32
00:01:41,520 --> 00:01:44,000
Speaker 2: answer your question on the areas that we're interested in,

33
00:01:44,080 --> 00:01:47,760
Speaker 2: I mean generally software, hardware, technology that can be taken

34
00:01:47,800 --> 00:01:50,560
Speaker 2: from New Zealand to the world, but not too much

35
00:01:50,600 --> 00:01:53,640
Speaker 2: more specific than that. And at the earliest stages. And

36
00:01:54,000 --> 00:01:58,120
Speaker 2: keep in mind this fund is investing in in startups

37
00:01:58,160 --> 00:02:01,440
Speaker 2: really at their inception. At that point, you're indexing pretty

38
00:02:01,440 --> 00:02:06,680
Speaker 2: heavily on the quality of the entrepreneurs, right, because a

39
00:02:06,960 --> 00:02:10,880
Speaker 2: company is going into a market that market probably shouldn't

40
00:02:10,919 --> 00:02:13,160
Speaker 2: even exist at this point, right, if you're going to

41
00:02:13,160 --> 00:02:14,600
Speaker 2: be building something really valuable.

42
00:02:15,120 --> 00:02:18,680
Speaker 1: So are you looking when you say quality entrepreneurs, do

43
00:02:18,720 --> 00:02:22,680
Speaker 1: you mean entrepreneurs that have already had success or do

44
00:02:22,720 --> 00:02:27,080
Speaker 1: you mean the attitude or the idea plus the attitude?

45
00:02:27,080 --> 00:02:27,919
Speaker 1: What's the formula.

46
00:02:29,280 --> 00:02:32,520
Speaker 2: That's a great question. And great entrepreneurs come in all

47
00:02:32,520 --> 00:02:35,079
Speaker 2: different shapes and sizes, and we've actually had a lot

48
00:02:35,080 --> 00:02:38,679
Speaker 2: of success, including with Halter and Jamie Beaton at Crimson

49
00:02:39,040 --> 00:02:43,080
Speaker 2: investing in that are I mean for the first time,

50
00:02:43,240 --> 00:02:47,040
Speaker 2: so we will certainly to do that. In other cases.

51
00:02:47,080 --> 00:02:51,200
Speaker 2: We've also been by investing in entrepreneurs who've been around

52
00:02:51,200 --> 00:02:54,080
Speaker 2: the block, built and sold companies and are going it again.

53
00:02:54,160 --> 00:02:57,760
Speaker 2: There's a medical device company called The Inside's Company that's

54
00:02:58,240 --> 00:03:00,720
Speaker 2: led by an entrepreneur named Garth Sup and we had

55
00:03:00,720 --> 00:03:04,639
Speaker 2: actually invested in his first company about fifteen years ago

56
00:03:04,680 --> 00:03:07,640
Speaker 2: and now he's back doing it again. So I would

57
00:03:07,639 --> 00:03:14,680
Speaker 2: say attitude, to your point is key. Ambition, intellect, honesty, drive,

58
00:03:15,200 --> 00:03:18,400
Speaker 2: you know, gravity and make all those types of things

59
00:03:18,800 --> 00:03:19,640
Speaker 2: are really important.

60
00:03:20,320 --> 00:03:22,560
Speaker 1: Interesting. Robbie, thank you for being with me tonight. Robbie

61
00:03:22,560 --> 00:03:25,280
Speaker 1: Paul is the Ice House Bench is chief executive that

62
00:03:25,480 --> 00:03:28,359
Speaker 1: fun thirty million dollar fund. If you've got a good idea,

63
00:03:28,400 --> 00:03:32,280
Speaker 1: I guess, and you're motivated and you're ambitious, then get

64
00:03:32,320 --> 00:03:35,840
Speaker 1: your ideas into ice House for more from Hither Duplessy

65
00:03:35,880 --> 00:03:38,720
Speaker 1: Allen Drive, listen live to news talks it'd be from

66
00:03:38,760 --> 00:03:42,400
Speaker 1: four pm weekdays, or follow the podcast on iHeartRadio