'Tis the season to be jolly, and New Zealand's venture capital industry has been doing plenty o f fa-la-
la-la-las o f late.

VCs NBR spoke to say things began picking up during 2025 i n the startup ecosystem, and they're optimistic about 2026's potential. But let's face it, they do tend to be glass-half-full kind of people.

GD1 co-managing partner John Kells says: "While the New Zealand economy at large is still trying to find its feet, the early-stage ecosystem is feeling buoyant."

It seems virtually anything with Al in its name is getting funded.

Blackbird Ventures says Al offers a "generational opportunity to reimagine every aspect of the economy". Yep, it's hot. "We are seeing this far-reaching impact across many traditionally slow-to- adopt markets such as legal, healthcare and financial services," it says.

Outset Ventures general partner Angus Blair says capital is increasingly available for companies demonstrating strong fundamentals and clear paths to global markets.

And Bridgewest Ventures investment director Kate de Ridder says New Zealand has invested significantly over the years i n research, and that strong foundation continues to produce breakthrough technologies.

For science-led startups to succeed on the world stage, startups have to ensure they have fit-for-purpose leadership and governance for international scale, says de Ridder. They also need to intentionally build global advisory networks that can help avoid costly diversions and supercharge each step forward, she says.

NBR recently featured VC's three top picks for the startup star performers in 2025, and this article features their picks for startups they think will shine brightly i n 2026.
The startups are listed in alphabetical order, with comments from VCs ranked according t o whether they led the investment round o r by size of investment.

Goodair Nosebuds

Auckland startup developing drug-free nosebuds that enhance the body's natural ability to fight symptoms of hayfever and nasal congestion. The idea for the startup came from Auckland University of Technology Associate Professor D r David White. It has raised over $1.6 million to date from WNT Ventures, Callaghan Innovation and KiwiNet to fund development and testing.

"After launching i n 2025, they sold out i n less than a day and have maintained demand ever since. The product consistently delivers an immediate, noticeable effect, which is a testament to its product-market fit. 2026 will be a defining year as it scales revenue and begins rolling out the next products i n
its pipeline." - WNT Ventures.