Altered Capital

Altered Capital is an Auckland, New Zealand based global venture capital and private equity firm, established in 2022. The firm was founded by a team with a proven track record, having previously managed a multi-billion dollar international venture fund which generated top quartile returns. This extensive global experience forms a cornerstone of Altered Capital's approach, enabling them to provide world-class expertise to their portfolio companies. The firm's core mission is to unlock potential for founders, employees, and investors, and to improve the probability of success for ambitious businesses.

Altered Capital focuses on supporting companies that have demonstrated proven product-market fit and are poised for rapid growth through expansion, innovation, and acquisitions. They are particularly interested in technology, healthcare, and financial companies, but their investment scope extends to innovation-led growth across various sectors. Beyond capital, Altered Capital commits significant operational venture support, strategic guidance, and global introductions, leveraging their networks to drive value creation and help companies realise their full potential. Key achievements include managing over NZ$350 million in committed capital across multiple investment vehicles.

What sets Altered Capital apart is their "first principles approach" to investing, meaning they break down investment opportunities to their fundamental components to discover new solutions and build from an axiomatic basis. They back strong leaders and teams, prioritising people over just ideas, and require data-driven proof of product, sales, and unit economics before funding. The firm is known for its high bar for entry and a deliberately thematic approach, targeting potential category leaders. Their team has historical involvement as seed investors in successful ventures such as the UK challenger Starling Bank, where they continue to represent significant shareholding and board directorships.

Altered Capital's leadership includes founding partners such as Craig Mawdsley, Marcus Traill, and Managing Partner McGregor Fea, alongside other partners and investment professionals like Finn Templeton (Investment Director) and Laura Manson (Partner). The firm acts decisively when strong alignment is identified, focusing on innovation-led growth, and aims to strengthen the funding pathway for New Zealand companies ready to expand internationally.