# Nuance Capital

Nuance Capital is a Private Equity based in Auckland, New Zealand.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Auckland, New Zealand
- **Region:** Oceania
- **Address:** Suite 3, Level 3, 95 Hurstmere Road, Takapuna, Auckland, 0622, New Zealand
- **Founded:** 2021
- **Assets under management:** Undisclosed
- **Website:** www.nuance.vc
- **LinkedIn:** https://www.linkedin.com/company/nuance-capital

## Regulatory record

- **Reports private funds:** No

## About

Nuance Connected Capital is a deep-tech fund bridging exceptional Kiwi entrepreneurs to the world. It runs a diversified fund for series A and series B investments (20% seed). The firm invests in solutions to global problems which improve the planet or the way people live, across advanced engineering, science, IP, blockchain and deep AI.

## Sectors

- Deep Tech
- AI/ML
- SpaceTech
- Digital Health
- Enterprise Software
- Cybersecurity
- ClimateTech
- AgriTech & FoodTech
- Mobility & Transportation
- Robotics & Automation

## People

- Ngaio Merrick — Managing Partner
- Mitali Purohit — General Partner
- Matthew White — Financial Strategist

## Questions

### Who runs investment decisions at Nuance Capital?

Managing Partner Ngaio Merrick leads investment decisions, supported by General Partner Mitali Purohit. Merrick previously managed Sir David Levene’s investment portfolio; Purohit led New Zealand’s $150 million Technology Incubator Programme at Callaghan Innovation. Financial strategist Matthew White handles fund management and M&A oversight.

### How does Nuance Capital source proprietary deal flow?

Sourcing leverages Merrick’s governance networks across the New Zealand deep-tech ecosystem and Purohit’s public-sector connections from her Callaghan Innovation tenure. The firm targets ventures that need beta customers and distribution partners offshore. Adviser Randy Komisar of Kleiner Perkins extends deal-origination reach into Silicon Valley.

### Does Nuance Capital participate in fund commitments or only direct deals?

It makes direct venture investments across seed, Series A, and Series B rounds. The firm does not disclose fund-level commitments to other venture managers, and its public portfolio shows only company-level positions.

### What investment stages does Nuance Capital typically target?

The core fund targets Series A and B rounds, with a fixed 20 percent allocation reserved for seed-stage companies. Portfolio data shows active seed positions in Zenno Astronautics and Wellumio alongside later-stage deployments in Kry10, Hectre, and Formus Labs.

### Which deep-tech sub-sectors does Nuance Capital avoid?

The firm’s portfolio concentrates on advanced engineering, AI and machine learning, photonics, space technologies, and climate-related hardware. No disclosed positions fall into biotech therapeutics, consumer software, or conventional fintech outside of crypto infrastructure (Easy Crypto).

### How are Nuance Capital and Elevate (NZGCP) related?

Elevate, managed by New Zealand Growth Capital Partners, is a cornerstone LP in Nuance’s fund. The two are commercially separate; Elevate provides capital as part of its mandate to fill the Series A and B gap for New Zealand tech firms, but does not control investment decisions.

## Related profiles

- [NTTVC](https://altss.com/profile/ntt-venture-capital)
- [Nuard Ventures](https://altss.com/profile/nuard-ventures)

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Last updated: 2026-08-11T15:07:34.613Z

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