Tech sector storms the economy
The tech sector continues to take the New Zealand economy by storm with international funding for early stage tech companies hitting a record high, according to the second annual Investor's Guide to the New Zealand Tech Sector.
Published by Greg Shanahan, managing director of the Technology Investment Network (TIN) in conjunction with the Ministry of Business, Innovation and Employment (MBIE), the report shows international funding has jumped from $51 million in 2015 to $173 million last year.
That's an increase of 239% and while a large portion of that investment was spent on one company - Rocket Lab - the investment is in a new technology in an area where New Zealand has never before operated and bodes well for the future.
The report says angel investments rose by 14% year on year although fewer companies were funded - down from 132 to 112 in the year and early stage tech companies raised $7 million through crowdfuding programmes.
The broader tech sector is now our third largest export earner, bringing in $16.2 billion to the GDP each year, employs almost 100,000 people and is growing by 19% year on year.
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