“This investment provides more than just funding for Kiwi technology – it’s a bridge to global markets for proven IP [intellectual property] that’s ready to scale,” Simplicity managing director Sam Stubbs said.

“This fund has been able to curate a unique portfolio of Kiwi companies that connect to the global engineering, science expertise and venture creation capabilities of the global Bridgewest group.”

Bridgewest Ventures works closely with local technology and science experts, universities and start-ups to commercialise innovation in biotech.

The investment comes in the same week as private investor Movac reported it had landed $185 million for its new Growth Fund 7 – twice its first-close target.

Partner Mark Vivian told the Herald that another $15m was nearly signed off from a major New Zealand institutional investor, taking the total to $200m.

Vivian said the new Active Investor Plus (AIP) category had been a major driver, with Golden Visa holders pumping in $67m for Growth Fund 7 and $13m for Movac’s separate Growth Opportunity Fund 1 (a $50m secondary fund set up to buy out early investors and founders).