Brand Fund 1

A new opportunity for wholesale investors seeking exposure to start-up brands built by Previously Unavailable


Exceptional brand strategy and execution has the power to turn good companies into great companies and great companies into unicorns.

We are in a unique position to identify where brand can make that difference.

Previously Unavailable are pioneers in building and guiding brand-led early-stage New Zealand start-up companies.
Since 2019, alongside our consulting business, we have worked with a portfolio of ten companies, investing our services and resources in exchange for equity.

After 4 years, our portfolio value represents over 12x the value of our investment into those companies. Icehouse Ventures is partnering with Previously Unavailable in the creation of a VC fund providing wholesale investor access to the next portfolio of companies that are invested into and guided by Previously Unavailable.
NB: These investments Previously Unavailable has made to date do not form part of Brand Fund 1
Previously unavailable's current portfolio
Number of companies
Equity Investment
Holding Value
Portfolio Value
Key details
$4-6m fund
Closing 2023
Portfolio of ~20 companies
Includes founding portfolio investment of $200k in Martech SaaS company Tracksuit
Two-year investment period
Investing in exceptional early-stage startups with brand-centric, global focus
Providing brand and marketing stewardship alongside investment to accelerate growth
Cornerstone investment of $300k from Previously Unavailable and Icehouse Ventures
$50k minimum investment drawn in equal tranches over two years
2% management fee p.a. for first five years only
20% carried interest
Brand Fund 1 Investments
Tracksuit & Icehouse Ventures: Cornerstone Investment
Brand Fund 1 will be launching with cornerstone investment of $300,000 from Previously Unavailable and Icehouse Ventures.
Previously Unavailable is investing $200,000 in the form of Tracksuit shares which will be the first company investment for the fund. This allows access to Tracksuit for investors who missed out on the company's oversubscribed 2022 round, at the price of that round.
Icehouse Ventures is investing $100,000 in the fund. This cornerstone investment is a vote of confidence in the thesis and potential of the fund.

Update 04.2022

Announcing the aglow investment
Investment of $100,000
aglow are working to establish and popularise the idea of beauty memberships. The aglow software enables beauty clinics to design, sell and deliver membership programs to their clients.
Membership and the mega-trends around the Netflixisation of everything mean these are concepts that are familiar for consumers and customers. Currently the idea is new in this industry - like it was in gyms and health clubs and dentists 25 years ago. aglow can lead the movement to make these as normal in this industry as in gyms, dentistry or pilates clinics.

Update 04.2022

AF Drinks Investment
Investment of $100,000
AF Drinks is a New Zealand beverage innovator with the ambition of becoming the world’s leading premium alcohol-free brand. They have achieved market leadership in NZ; have award-winning products; have experienced and world-class leadership; and a growth trajectory with key US partners, distributors and stockists lined-up.
AF Drinks are the category leader in NZ for premium non-alc cocktail in a can. They have ~30% of the market here. The market is open to become the category leader in the US. This represents a huge opportunity.
Investment committee
James Hurman
James founded Previously in 2014 after a career in advertising, during which he was named the world's #1 advertising strategist. He is a globally recognized expert in brand strategy and marketing effectiveness, and has brought those skills to bear on dozens of New Zealand startup companies that he has co-founded or advised. He is the author of Future Demand: Why building your brand among tomorrow's customers is the kev to start-up success - a book that has been quickly embraced b the global VC and start-up community.
Simon Pound
Simon is an expert in technology company brand marketing. Prior to joining Previously in 2018, Simon led global brand for Vend, who went on to exit for $500M. With Previously he led the rebranding of Timely, who went on to exit for over $100M. Simon has attracted and led the thinking on many of Previously's portfolio companies. He's also the host of the popular entrepreneur-focused Business is Boring podcast for The Spinoff. Few people have as much insight into the New Zealand start-up community and its successes and learnings as Simon.
Connor Archbold
Connor joined Previously in 2020 following a career as a corporate lawyer, then ops leader for globally successful kiwi start-ups Mish Guru and noissue. After running the MVP launch of Tracksuit, he was seconded to be co-CEO of the company. Under his leadership Tracksuit grew to $3.2M in ARR in under 24 months, and has completed one of the most hotly contested VC rounds in recent years. Connor brings unique insight into the commercial and operational aspects of the start-up companies we work with.
Brand Fund 1: Investor Experience
Investors receive immersive two-monthly reports which provide commentary on portfolio companies and key fund metrics, alongside all key company updated received and recent PR.
Investors receive access to an industry leading Investor Portal where they can access granular information and data on portfolio companies, export statements, review company updates and legal docs, and benchmark their portfolio performance against industry averages.
Investors are invited to a range of networking, educational, and investment events, hosted both by Previously Unavailable and Icehouse Ventures, including NZ's largest venture investor event 'Showcase' held annually at Spark Arena.
We are taking investments in the fund until the end of 2023.

Please do get in touch to find out more.
Other ways we assist brands:

Brand Workshops

Start-up and Scale-up Narrative & Positioning Workshops are one-day, in-person workshops for founders and operating teams to define, refine and improve their positioning, messaging and narrative, from New Zealand’s leading Start-up and Scale-up brand & positioning studio.

See our Workshops

Venture Studio

Our Venture Studio creates brands, visual identities and websites that help start-ups grow faster, raise successfully and achieve greater value.

We work as brand partners for ambitious start-ups. In select cases where it works well for everyone we invest our time in return for equity - creating shared goals and incentives for strong brands and relationships.

Venture Studio

Future Demand

Written by James Hurman, Future Demand explores the realities of how start-ups grow beyond their eager early users, providing evidence and insight into how to build your brand among the much larger group of customers who’ll buy from you in the future.

Buy the Book
Contact details
Simon Pound
Previously Unavailable
+64 21 376 863
Barnaby Marshall
Icehouse Ventures
+64 21 062 9683
Important Notice and Disclaimer
This is a private investment opportunity, where participation will be limited to investors who are "wholesale investors" as defined by, or otherwise not required to receive disclosure under Part 3 of, the Financial Markets Conduct Act 2013. Participation in the fund is at the sole discretion of the management of Icehouse Ventures. This document has been prepared and is issued by Icehouse Ventures for distribution in New Zealand to selected prospective investors only. By retaining this document you acknowledge and represent that you are a "wholesale investor" as defined by, or otherwise qualified to invest under, the Financial Markets Conduct Act 2013. This document has been compiled solely for information purposes to assist prospective investors to make their own evaluation of Brand Fund 1, and any subsequent decision to invest in the Fund. The information contained in this document is not comprehensive and is selective. This document does not contain all of the information that a prospective investor may require to evaluate a decision to invest in Brand Fund 1 and the risks associated with that investment. In making a decision to invest, prospective investors must rely on their own examination of the information contained in this document as well as such other information as they may consider relevant. Nothing in this document constitutes legal, tax or financial advice. Prospective investors should seek their own professional advice on the consequences of investing in the Fund. No representation is made that any further information will be given, other than as required by law. This document may contain projections, forecasts or other statements or estimates regarding the future prospects or performance of the Fund. Any forward-looking statements are provided for informational purposes and reflect certain assumptions. Actual results may vary. No assurance or representation is made by any person that any projection, forecast or target will be achieved. Accordingly any reliance placed by any prospective investor upon them is a matter for its own commercial judgment. Exclusion of Liability None of Previously Unavailable Limited, Icehouse Ventures Limited, The Icehouse Limited, Icehouse Ventures Nominees Limited, Ice Angels Incorporated Society nor any of their respective shareholders, directors, officers, agents, employees or advisers: gives, or has the authority to give, any representation or warranty (express or implied) as to the accuracy, reliability, adequacy or completeness of the information contained in this document, or any other written or oral information made or to be made available to an prospective investor or its advisers (together Information); has independently verified any of the Information contained in this document; will be responsible for an costs incurred by the recipients of this document in connection with the evaluation of the investment opportunity described in this document; takes any responsibility for, or will accept any liability in respect of, the accuracy, reliability, adequacy or completeness of the Information or for any of the statements or opinions, or for any errors. omissions or misstatements, contained in the Information; and without limitation, gives any representation or warranty as to an of the statements or opinions, or the reasonableness of an forward looking statements regarding the future prospects or performance of the Fund. contained in the Information.