NZVIF managers announce investment into GeoSmart

Endeavour i-cap and TMT Ventures, each of whom manage funds under the New Zealand government’s VIF programme today announced the completion of a $1.5 million co-investment round into Auckland based, GeoSmart Limited.

Example of a route generated from GeoSmart offices in William Pickering Dr in Albany to TMT Ventures’ offices in central Auckland generated to a mobile phone

The investment, made alongside management and existing shareholders, will fund the ongoing development and marketing of the Company’s ”Smart Maps” geospatial mapping technologies. These technologies include the delivery of business and mapping data to mobile devices, Car Navigation and Fleet Management and the integration between these technologies to provide sales force and workforce management solutions.

The example query result (see picture) demonstrates the routing capability of the technology that will be available shortly for mobile phone users, web access and for in-car navigation solutions for routing from a place/street/address/or business to another, NZ wide. Applications are focused on the B2B, B2C and tourism markets

GeoSmart Chief Executive Phil Allen said: "The closing of the investment round with Endeavour I-cap and TMT Ventures is a significant event for the Company. Having invested in a two year development process this investment provides the capital to market the products in New Zealand, Australia and beyond.”

Endeavour’s Auckland based General Partner, Dr Dennis Row said: "Our investment in GeoSmart will allow the Company to build on its success in delivering car navigation and wireless mapping services to the New Zealand market. GeoSmart has New Zealand’s most accurate and comprehensive digital mapping database, which will be the foundation for many location based service products in the future”.

Dennis Row will now join the GeoSmart board, bringing with him extensive IT experience gained in the US and Asian markets.

Gavin Lonergan, associate director of TMT Ventures commented “investors and good entrepreneurs alike understand that young, fast-growing companies such as GeoSmart require significant capital over multiple rounds as they grow and succeed. In securing the co-investment of two additional venture capital funders into the Company, it achieves not only a broader funding base, but also gains access to a wider base of investors’ networks of corporate partners and international contacts”