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Nasdaq-listed investment fund to focus on Aussie and Kiwi tech start-ups

Peter Griffin, Editor. 09 November 2021, 9:36 am

Rocket Lab and shoemaker All Birds have successfully listed on the Nasdaq this year, winning their innovations global exposure and investor interest.

Now Integral Acquisition Corporation 1 (trading as INTEU) has followed the same path, using a SPAC (special purpose acquisition company) that's fashionable at the moment, to raise US$115 million in a Nasdaq listing.

The company, backed by Australian investors including Uluwatu Capital, Artesian, and AS1 Growth Partners, has the remit of focussing on Australian and New Zealand tech companies, fast-tracking their path to the Nasdaq.

Integral 1, led by founder & CEO Enrique Klix (ex-McKinsey and Citigroup executive) and chairman James Cotton (founder of CMO Compliance and Uluwatu Capital) will now "follow a rigorous investment approach" scouring New Zealand and Australia for "attractive potential targets".

"We believe the Nasdaq represents a more natural home for high growth tech startups looking to solve global problems, providing access to investors that understand their value, as well as appropriate benchmarks and a broader community of analysts, focused on technology companies," said Klix.

"We're seeing more companies than ever coming out of our local tech ecosystem valued at over $100m and there are no signs of this slowing."

The Nasdaq IPO was underwritten by Wells Fargo and supported by US-based firms Crescent Park Management and Carnegie Park Capital, who committed US$30m investment in the form of "forward purchase agreements".

It's indicative of the strong interest currently in tech innovation from Australia and New Zealand. According to Integral, venture capital investment across the region has seen a "30% compound annual growth rate over the last five years, with more than $2.5 billion invested last year alone".


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