Migrants set up investment fund

Many immigrant investors return to China after four years.

A group of 18 Chinese migrant investors are putting up $2 million to invest in Kiwi start-up businesses.

The group has set up angel investment fund Zino Ventures through The Icehouse business hub as a way to give back to New Zealand and encourage Asian entrepreneurship.

Apart from the money, Zino would also provide valuable insight into Asian markets and business protocols. Zino Ventures managing partner Jason Wang said the investors were particularly interested in technology start-ups.

So far, $390,000 of the $2m fund has been invested in two businesses, including $250,000 in television data platform Parrot Analytics which the group considered to have global potential, Jason Wang said.

Zino’s interest in the company led another Icehouse investment fund ICE Angels to invest $500,000 in Parrot. E-commerce foreign exchange system Latipay received the other $140,000 investment from Zino

Latipay lets shoppers buy from overseas online stores in their currency while paying sellers in their local currency.

Latipay chief executive Leigh Flounders said the Zino investors’ networks had already opened doors for it in Singapore.

The Zino investors all had backgrounds as business leaders and entrepreneurs in China.

Zino Ventures general partner David Wang said he immigrated to New Zealand from Shanghai two years ago with his wife and two children for a better life.

Previously a global director for the world’s largest transport air conditioning company, Songz Automobile Air Conditioning, he entered New Zealand on an investor residency visa.

David Wang said many immigrant investors returned to China after four years, taking their profits with them.

He joined Zino to contribute to New Zealand more than financially – he could provide companies with an understanding of Chinese customers.

But Jason Wang said the investors had a lot to learn about angel investment which was different to investing in bonds, shares and property.

Zino Ventures plans to launch the New Kiwis Challenge during Tech Week next month to encourage immigrants to create businesses here. The challenge sought New Zealand start-ups that would be well received in Asia.

Entrants must have at least one immigrant in their founding team, Jason Wang said.

The winning business would receive $100,000 of investment from Zino.

The competition would show Asian immigrants that there were more career options than working for a corporate company, David Wang said.