New Zealand Tech Ecosystem Report 2025 (Dealroom)

Summary

• New Zealand's tech sector has generated NZ$129B in value, of which NZ$124B is VC backed.p.4
• VC backed ecosystem value has grown 6.1x since 2019, faster than peer countries.p.5
• NZ$24K of VC backed value per capita has been generated to date.p.6
• New Zealand currently has 8 unicorns or US$1B+ exits for a population of 5.3M.p.7
• New Zealand is home to 3 decacorns and ranked #9 globally, despite raising <$10B in VC since 2000.p.8
• New Zealand startups raised NZ$643M in 2024.p.10
• Spinouts from universities in New Zealand have a combined enterprise value of NZ$2.2B, with 70+ spinouts and 800+ jobs.p.26

Key insights

1. About ~77% of the NZ$124B VC backed value has been generated by the three biggest VC backed companies in the country.p.4
2. Just over halfway through the year, 2025 is already the second highest year in history for VC raised, largely due to FNZ's NZ$773M Growth Equity VC round in April 2025.p.10
3. Over 1000 VC rounds have been raised in New Zealand since 2014.p.12
4. 2025 has already seen 6 new VC funds to date, and 2021 saw the highest combined new fund value in history.p.13
5. Fintech was the most funded industry in New Zealand since 2024, fuelled heavily by FNZ's $500M megaround in April 2025.p.16
6. New Zealand's graduation rates from Seed are lower than the OECD average, while it outperforms OECD countries and global hubs in unicorn creation efficiency.p.20
7. Since 2019, Icehouse has been the most active investor in New Zealand by number of rounds.p.22
8. Top exits in New Zealand since 2024 include a NZ$270M buyout by BV Investment Partners in Aug 2024.p.25