Investors pump more money into tech start-ups

Investors poured more money into Kiwi technology start-ups last year despite the uncertainties created by the Covid pandemic, according to a report by PWC and the Angel Association. The report appears further evidence that firms in the sector have been well insulated and in some cases have benefited from the economic consequences of the virus. A report commissioned by Google New Zealand from Accenture has meanwhile estimated more investment in digital technology could boost annual GDP by $46 billion, or 14 per cent, by 2030. PWC said that despite ‘‘dire predictions early in the year’’, investments in start-ups by the likes of angel investors and venture capitalists rose to value $158 million last year, up from about $130m in 2019. That was thanks in part to three larger investments totalling $53m in sharebroker Sharesies, e-waste pioneer Mint Innovation, and anti-money laundering start-up First AML.