Generate investors in the Focused Growth, Growth and Balanced funds are gaining exposure to some of New Zealand’s fastest-growing private companies, including Halter and Hnry, as part of Generate’s strategy to back high-growth Kiwi businesses.
Halter reaches NZD 3.3 billion valuation in latest capital raise
As agritech company Halter announces a record-breaking NZD 3.3 billion valuation in its latest NZD 377 million capital raise, the benefits are not just flowing to venture capital firms – but increasingly to everyday KiwiSaver and managed fund investors.
KiwiSaver investors gain exposure to high-growth private companies
Generate’s investors in its Focused Growth, Growth and Balanced funds1 are among those gaining exposure to some of New Zealand’s fastest-growing technology companies, as the fund manager has ramped up investment into high-growth, Kiwi private businesses such as Halter and Hnry.
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Generate’s investment in Halter delivers strong uplift
Generate invested NZD10 million into Halter in June last year, giving members exposure to one of the country’s most valuable private companies. The company was valued at NZD 1.65 billion at the time. This latest capital raise is happening at a NZD 3.3 billion valuation, representing a significant uplift in under a year.2
Generate has further exposure to Halter via its $20m investment into Icehouse Ventures Growth Fund 2. Halter is the largest investment in Growth Fund 2 by a significant margin. The approach reflects what Generate describes as a “win-win”: supporting a globally ambitious Kiwi company which is already delivering strong returns for members.
From farm innovation to global agritech leader
Halter has become one of New Zealand’s standout startup success stories.
Founded in 2016, the company combines solar-powered smart collars with software that allows farmers to virtually fence, move and monitor cattle. Since launching commercially in 2021, Halter has expanded rapidly across New Zealand, Australia and the United States.
Backed by global investors including Founders Fund
Halter was named New Zealand’s fastest-growing company in the 2024 Deloitte Fast 50 and continues to attract global investor interest, including the most recent $377 million capital raise led by US venture capital firm Founders Fund, which Generate also participated in. The Founders Fund is a multi-billion-dollar venture capital firm that has backed the likes of SpaceX, Airbnb, Spotify, OpenAI, and Facebook.
“A remarkable growth story” – Sam Goldwater
Generate Chief Investment Officer Sam Goldwater said: “We’re excited our members have the opportunity to join Halter’s remarkable growth story. It is a company that can generate great returns for our investors whilst adding huge value for farmers around the world. I have spoken to farmers who use the Halter app and it is no exaggeration to say they are besotted with it!”
Expanding access to private market investments
Generate’s investment into Halter builds on its strategy of partnering with leading venture capital firms to access opportunities that are typically unavailable to retail investors.
Beyond agritech – investment in Hnry and future growth sectors
The strategy extends well beyond agritech. For example Generate has also directly invested $10 million into Hnry, the fast-growing accounting and tax platform designed for sole traders, contractors and the self-employed.
The investment, also facilitated by Icehouse Ventures, will support Hnry’s continued expansion and product development across New Zealand, Australia and the UK, driven by the global shift toward independent and flexible work.
Strong momentum in New Zealand’s venture ecosystem
The scale of returns emerging from New Zealand’s venture ecosystem is becoming increasingly significant. Icehouse Ventures recently said that its investment in Halter alone has delivered a fourfold return, with the company now its largest holding by a significant margin.
What this means for Generate investors
- Access to high-growth, Kiwi private companies
- Exposure to businesses scaling internationally
- Potential for outsized long-term returns3
At the same time, these investments are doing more than generating returns – they’re helping to build globally competitive New Zealand businesses and supporting innovation across key sectors, from agriculture to financial technology.
1) Available as both Generate KiwiSaver Scheme Funds and Generate Managed Funds.
2) Valuations are unrealised.
3) Private asset investments can involve longer time horizons and higher risk. Generate believes they play an important role in diversified portfolios. Past performance is not a reliable indicator of future returns.