New Zealand: From growth to scale
New Zealandʼs tech ecosystem has grown rapidly over the past decade, reaching NZ$133 billion this year. We've tracked the country's more than 400 VC-backed companies and compiled the data in the report released earlier today together with NZ Growth Capital Partners .
Since 2020, New Zealand has been one of the fastest-growing startup ecosystems of any comparable economy, achieving over 14x in enterprise value (EV) growth.
The ecosystem's standard-bearer, spacetech company Rocket Lab , is responsible for roughly two-thirds of the multiple — but even without it, the growth rate would still sit at over 5x.
Every year New Zealand produces around 300 new startups, while 20 companies raise their first VC round. The outcomes of the ecosystem so far include eight unicorns and two decacorns.
This puts New Zealand among the global leaders in decacorn creation per VC dollar invested among countries with at least NZ$12 billion in total investment, second only to Denmark.
In 2025, New Zealand's startups raised NZ$2.4 billion, making it the second-biggest year for the ecosystem. This year to date, the funding has reached NZ$685 million. While lower YoY, it shows the continued emergence of mega rounds — a sign of a maturing ecosystem.
Although total VC deal activity softened in 2025, breakout-stage investment rounds remain well above pre-2020 levels.
New Zealand punches above its weight in generating EV outcomes per dollar invested by venture capitalists, albeit on a low VC base.
The capital efficiency is yet to translate into scale: at NZ$26,000 per capita in VC-backed EV, New Zealand trails most comparable innovation economies.
“New Zealandʼs startup ecosystem is starting to show what scale can look like. Eight unicorns, two decacorns, a NZ$133 billion VC-backed ecosystem and larger rounds demonstrate that globally significant companies can be built from New Zealand," said Jacques Richter, investment director at NZ Growth Capital Partners, in the report. “The next challenge is to widen the pipeline, improve later-stage progression and create more value in New Zealand.”
