Ngāi Tahu Teams with Movac to Tap AI Opportunities

New Zealand's Ngāi Tahu iwi has partnered with Wellington-based venture capital firm Movac to manage its technology portfolio. The iwi has invested $35 million in Movac's funds, including $10 million in the Growth Fund 7, a $200 million vehicle.

Ngāi Tahu wants to expand beyond its traditional base of property, farming, and forestry investments, which account for NZ$2.11 billion of its portfolio. Artificial intelligence is a key target, with Ngāi Tahu seeking expertise in this area through the partnership.

Movac will now manage Ngāi Tahu's venture capital strategy, searching for new investment opportunities. The firm has a track record of successful exits, including Trade Me and Vend. Ngāi Tahu Holdings chief executive Todd Moyle noted that AI is an area where the iwi lacks expertise.

Ngāi Tahu's existing technology holdings include startups such as OpenStar, Mint Innovation, Tend Health, and Zethos. The partnership with Movac marks a significant shift for Ngāi Tahu, one of New Zealand's largest iwi investors, into the new economy.