Startmate and HTK Start Up join forces to invest in “underrepresented founders”

HTK Start Up, a subsidiary of Māori-owned professional services organisation HTK Group, has signed a strategic partnership with Startmate, Australia’s largest early-stage accelerator and venture capital investor.

The new partnership aims to increase venture capital investment and startup accelerators in New Zealand.

It will give founders an opportunity to stay in New Zealand and get the same benefits moving overseas might offer, says Renata Hakiwai, managing director of HTK Group.

Established in 2022, HTK Start Up has a vision to develop startups across New Zealand through values-led accelerator and incubator programmes, mentorship and support within a culturally based and values-led framework.

It joined the Startmate investment community in September as a limited partner in the Winter 23 cohort and has invested in 14 early-stage high-growth startups from across Australia and New Zealand.

Hakiwai says the partnership will address a gap highlighted by the Startup Genome New Zealand ecosystem assessment, that our cities still lack a significant collective startup experience.

It will also complement existing partnerships between HTK Start Up and Christchurch’s Ministry of Awesome and Tātaki Auckland Unlimited, which Hakiwai says have limited coverage for early-stage, later-stage and venture capital-seeking startups.

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Startmate has proven itself capable of growing the startup ecosystem in Australasia, having invested in more than 220 companies that are worth $2 billion combined, he says.

Set up by Blackbird Ventures partner Niki Scevak, the company is also beating the top quartile of global venture capital firms on returns.

“Startmate stands out, not just in commercial terms, but also in aligning with our values, especially their strategic emphasis on indigenous founders and women, assisting underrepresented founders and ensuring they have access to growth capital,” he says.

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Bigger reach

‍Ryan Walker, Startmate’s New Zealand-based product manager, says that investing in these often “underrepresented spaces” is a focus for the company.

In the venture world, the people receiving money and investing money are often a “privileged few”, which perpetuates a similar cycle, he says.

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While the company has made investments in New Zealand previously, Walker says it has struggled to reach these underrepresented communities and the new partnership should open these doors.

HTK Start Up will work with Startmate to customise and culturally adapt the latter’s programmes to a New Zealand context.

Startmate CEO Michael Batko says that with the support of HTK group, the company is well positioned to bridge the gap between Australia, New Zealand, the US and other international markets.

“Over the years we’ve had New Zealand companies relocate to Australia to participate in our programmes. Instead, we want to help New Zealand companies build exceptional businesses on homegrown [soil],” he says.

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HTK Start Up and Startmate have several programmes and initiatives planned in the coming year, including revamped accelerator initiatives and a new venture capital fund to launch in early 2024.

The inaugural 10-week programme, Launch Club, will help founders validate a problem, meet prospective co-founders, develop a minimum viable product and get it out to customers.