NZ tech industry defies 'global funding crunch' by attracting record investment

New Zealand high-tech firms attracted more inward investment last year despite the retrenchment of many major technology businesses overseas, according to an annual report. The Technology Investment Network report calculated that $726m was invested in large and small Kiwi tech companies in the 2022 calendar year. Investment was up by an inflation-beating 8.2% despite a global funding crunch that saw “total global venture funding” fall by an estimated 32% and 35%, it said. Tin research head Alex Dickson said the pool of investors funding technology businesses remained shallow and New Zealand businesses still needed to “work harder to attract the long arms and deep pockets of foreign investors”. James Pinner, chief investment officer of Government-backed venture capital business New Zealand Growth Capital Partners, cautioned 2022 probably marked a peak for investment in high-tech firms.