New Zealand venture capital firm Global From Day 1 (GD1) has announced the first close of its Fund 3, over target at $130 million. A final round close is targeted at $160m. Fund investment was led by large institutional funds and top tier investors (including private wealth platforms and noteworthy tech-founders). The raise is one of the biggest injections of capital for the New Zealand start-up ecosystem so far this year. New Zealand Growth Capital Partners identified GD1 as an institutional grade VC fund manager, making a $45 million investment from the Elevate NZ Venture Fund (Elevate) - the fifth/largest allocation the Government entity has made to a VC fund manager to date. Additional backers include private wealth platforms and institutional fund managers such as Harbour Asset Management, alongside community trust and iwi investors. Strong support also continued from Fund 2 via several of New Zealand's preeminent family offices. Significant investment came from founders who expressed their confidence in the GD1 team; this includes founders of recent major tech exit success stories. Fund 3 is led by Partners Chintaka Ranatunga, John Kells and Vignesh Kumar and follows on from GD1 Fund 2. Noteworthy Fund 2 investments include e-bike manufacturer UBCO which announced plans for a dual listing on the NZX/ASX (and closed $15m in funding led by offshore investors); Shuttlerock (recently raised $20m led by Trade Me founder Sam Morgan); StretchSense (recently closed an $8m follow-on round); and Spotlight Reporting (Xero Ecosystem's number one reporting and cash flow forecasting app). Fund 3 will be a generalist B2B VC fund. GD1 Partner Vignesh Kumar comments "Australia is an excellent first step towards global expansion for our portfolio companies who we dive in deep to support with top-tier talent covering operating expertise, and ESG, as well as domestic and international advisory boards." GD1 is moving fast to deploy capital, with Runn.io/Dawn Aerospace/JunoFem locked in. Who is GD1? GD1 is an Auckland-based, institutional grade VC fund manager which invests in fast growing Pre-A through B stage NZ technology companies going global. The team's international experience and connections ensure teams are supported with international expansion from day one. GD1 is committed to diversity and ESG. Also see: https://gd1.vc Media Inquires: Jody@launchpr.co.nz Funding enquiries: Pitch@GD1.vc SOURCE: Global From Day 1