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Altered Capital is a New Zealand-based venture capital firm that invests in early-stage technology and innovation companies targeting global markets. The firm provides equity financing, operational expertise, and strategic network access to domestic entrepreneurs seeking international expansion and commercial scale. Operating under a traditional venture capital fund model, the organization utilizes a $100 million inaugural investment vehicle to deploy capital across various emerging technology sectors. Altered Capital also maintains an international regulatory presence through its registered corporate subsidiary, Altered Capital UK LLP, while directing its primary investment activities from its domestic headquarters. Furthermore, the firm recently established a strategic institutional partnership with Pie Funds to co-develop and financially support the next generation of regional technology enterprises. The organization was officially founded in 2022 by returning international venture capital professionals Craig Mawdsley and Finn Templeton.
Key people at Altered Capital.
Altered Capital provides expertise to founders and companies, aiming to unlock their potential and accelerate growth, as demonstrated by its partnerships to scale businesses like ABE's Bagels and Starboard.
Altered Capital provides expertise to founders and companies, aiming to unlock their potential and accelerate growth, as demonstrated by its partnerships to scale businesses like ABE's Bagels and Starboard.
Key people at Altered Capital.
Altered Capital is a venture capital firm established in 2022 and headquartered in Christchurch, New Zealand. The firm focuses on investing in early-stage technology companies, aiming to provide both capital and expertise to accelerate their growth and unlock their global potential. Altered Capital positions itself as a partner for founders and their teams, supporting businesses with proven product-market fit.
The firm's investment strategy targets companies that demonstrate a clear path to scaling, with a particular emphasis on global expansion. Altered Capital seeks to identify and back innovative technology businesses, providing the necessary resources to help them navigate growth challenges and achieve market leadership. Its approach involves active partnership with portfolio companies to drive strategic development.
Altered Capital has demonstrated significant growth in its funding activities, reaching $280 million in Funds Under Management (FUM). The firm has also launched and deployed capital across multiple funds, including its Venture II fund. This fund has a target of $100 million and has secured a $25 million commitment from the Crown-owned NZGCP's Elevate Fund.
Portfolio examples include partnerships with companies like ABE's Bagels, where Altered Capital supported the scaling of the brand across Australasia, and Starboard, a maritime intelligence platform. These case studies highlight the firm's involvement in helping companies expand their market reach and solidify their industry positions. Altered Capital's commitment extends to fostering the development of its portfolio companies' employees and investors.
As a global venture capital and private equity firm, Altered Capital is dedicated to identifying and nurturing businesses with the potential for substantial growth. The firm's operational model emphasizes a hands-on approach, working closely with founders to implement strategies that lead to sustainable success and market leadership on an international scale.
Altered Capital has 4 tracked investments across 3 companies. The latest tracked deal is $25.0M Seed in Contented in February 2026.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 11, 2026 | Contented | $25.0M Seed | Altered Capital | Aspire NZ, Icehouse Ventures, K1W1, Shearwater Capital |
| Feb 9, 2026 | Contented | $4.1M Seed | Altered Capital | Exhort Ventures, Icehouse Ventures, K1W1, NEW Zealand Growth Capital Partners, Phase ONE Ventures, Shearwater Capital |
| Jan 14, 2026 | Alpaca | $190.0M Debt / Series D | Chris Olsen | Vlad Yatsenko, Bank Muscat, Citadel Securities, Derayah Ventures, Diagram Ventures, DRW Venture Capital, Endeavor, Sebastian Siemiatkowski, Horizons Ventures, Kraken, Takashi Sano, Opera Tech Ventures, Portage, Social Leverage, Unbound, Keisuke Honda |
| Sep 8, 2025 | Starboard Maritime Intelligence | $13.6M Series A | — | Jonty Kelt, VU Tran |
