Icehouse Ventures: IVX Fund I Investment offer preview

Icehouse Ventures is New Zealand’s most active early-stage investment firm since 2015. Snowball Effect has partnered with Icehouse Ventures as they complete their final close for their expansion fund - IVX - giving Kiwi investors a simple way to gain access and exposure to a portfolio of NZ’s leading technology startups.

Icehouse Ventures: IVX Fund I

With their portfolio of over 250 New Zealand startups and $270m assets under management, Icehouse Ventures is New Zealand’s most active early-stage investment firm.

Snowball Effect has partnered with Icehouse Ventures as they complete their final close for their expansion fund - IVX - giving Kiwi investors a simple way to gain access and exposure to a portfolio of NZ’s leading late-stage technology startups.

Introduction to IVX


The “best kept secret” in venture capital is that big companies emerge from small companies. As New Zealand’s most active early-stage investor since 2015, Icehouse Ventures is uniquely positioned to access and invest in today’s most promising emerging tech companies. 

Icehouse Ventures have recently launched IVX, a growth stage venture fund backed by a $20m cornerstone investment from Simplicity. IVX will leverage Icehouse Ventures’ unique information, relationships, and pre-emptive rights it has accumulated as a result of investing in >250 startups to date.

IVX will invest in 30 “late-stage” companies that exhibit the following features: established and growing teams, well-developed products & services, evidence of competitive wins, five or more years in market, revenue & proven business models, robust governance, and importantly, the potential for significant global growth. 

The fund has already started investing into companies including:

  • Halter - intelligent collars for cows that unlock real-time visibility and precise management of farms. Icehouse Ventures was the first investor in 2016 alongside Peter Beck and Sir Stephen Tindall. They have subsequently rolled out onto numerous farms in New Zealand.
  • Dawn Aerospace - a Christchurch- and Netherlands-based aerospace startup first funded by Icehouse Ventures in 2018. Their satellite propulsion systems are operating commercially in space with customers including UARX Space, the Indonesian Space Agency, D-Orbit, and others. 
  • Shuttlerock - a video content creation tech company approaching $20m in revenue. Shuttlerock was founded by Jonny Hendricksen, an entrepreneur who was previously the first outsider to IPO a company on the main board of the Japanese Stock Exchange. Icehouse Ventures first invested in 2013 and has supported subsequent raises alongside Sam Morgan. 

These investments validate Icehouse Ventures’ unique access. In each case Icehouse Ventures was one of the only investors to secure access alongside the new lead investors. They also serve as examples of the later-stage in which IVX will be investing. All three are generating revenue, have >50 employees, and have raised >$20m.

More than $60m has been committed to IVX to date by investors including Simplicity, Sir Stephen Tindall, Hobson Wealth, an Iwi, and >100 private investors.

The minimum investment in IVX is NZD $50k, to be drawn down at 25% p.a. over three years.

e.g. For an investment of $50k, $12.5k would be drawn at the close of this offer, another $12.5k in 12 months, $12.5k in 24 months and the remaining $12.5k in 36 months.

Investment Guidelines:

IVX is targeting a portfolio of 30 companies, with 70% of the fund being consolidated in top-performing companies via follow-on investments in subsequent capital raises.  Below is a snapshot of how the fund intends to construct its portfolio:

Fee Summary

  • 1% p/a for the fund term (10 years)
  • 20% carry, subject to the hurdle of an 8% annually compounding return

Investment via Snowball Effect

Investing in IVX Fund I provides a simple way for wholesale investors to gain exposure to expansion stage New Zealand venture opportunities. All investments will be held within Snowball Nominees, and will be available to view in Orchestra.  Because the fund is a Limited Partnership, only wholesale investors are able to invest. The minimum investment in IVX is NZD $50k, to be drawn down at 25% p.a. over three years. The first drawdown (25%) will be at the close of the offer. 

Next Steps

Please register your investment interest below if you would like to receive further information and gain early access to the offer when it launches.

If you have any questions feel free to get in touch with Simeon Burnett at [email protected]


New Zealand globe, with Snowball logo

About Snowball Effect

Snowball Effect is a New Zealand-based online investing marketplace, that enables New Zealand companies to offer shares to members of the public. Snowball Effect was founded in 2012 and launched in August 2014, after being one of the first to acquire an equity crowdfunding license from the New Zealand Financial Markets Authority (FMA). Over NZ$140 million has been raised on the platform.