# Altered Capital: portfolio, investments and team > Altered Capital is a vc firm based in New Zealand. 5 investments on record, 3 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/altered-capital (Millionrounds; every figure on the page links to its filing or article) New Zealand · [Investor](https://millionrounds.com/investors) # Altered Capital Last cheque observed Sep 2026; 5 cheques on record. Email Deploying now New fund $69M, Oct 2024 VC firm Series A Series D Financial Services Follow Altered Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Faltered-capital) Deploying now **100%** of best year **3** **cheques in 12 months**, 5 on record Since the last cheque **58** days **00** hrs **00** min **00** sec Median round **$14M** Rounds led **2 of 5** Mostly in **New Zealand, 60%** Pitch Altered Capital ## Altered Capital highlights - 01 3 cheques in the last 12 months - 02 Mostly Series A and Series D: 100% of its rounds - 03 Led 2 rounds ## What they do > Backing Global Pioneers From their own website - **Type:** VC firm - **Cheque size:** Not stated - **Sectors:** Financial Services - **Based in:** Auckland, New Zealand - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **5 appearances** - **2026** 3 rounds - **Sept** **[Pearler](https://millionrounds.com/company/pearler)** Series A · AU · Portage **$16M** With 6 others - **Apr** **[Ideally](https://millionrounds.com/company/ideally)** Series A · NZ · Ventureburn **$10M** With 5 others - **Jan** **[Alpaca](https://millionrounds.com/company/alpaca)** Series D · US · Diagram **$150M** With 15 others - **2025** 1 round - **Sept** **[Starboard Maritime Intelligence](https://millionrounds.com/company/starboard-maritime-intelligence)** Series A · NZ · Startup Daily **$14M** *Led* - **2024** 1 round - **Oct** **[Emerge](https://millionrounds.com/company/emerge)** Series A · NZ · Startup Daily **$7.3M** *Led* An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **3 named** CJ **Craig John Mawdsley** Director i Filing they signed MJ **Marcus John Traill** Director i Filing they signed MD **McGregor Duncan Fea** Director i Filing they signed New fund on file **$69M** raised in Oct 2024 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Series A Series D Median round joined **$14M** the round, not its cheque Led 2 of 5 rounds **40%** - **Sole investor:** Never alone - **Last cheque:** Sept 2026 Rounds by stage said on their site - Series A *4* - Series D *1* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [Icehouse Ventures](https://millionrounds.com/fund/icehouse-ventures) 3 - [SE Ventures](https://millionrounds.com/fund/se-ventures) 3 - [OIF Ventures](https://millionrounds.com/fund/oif-ventures) 2 **Pitching Altered Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as Altered Capital. A count of rooms they were both in, not a relationship either has claimed. [**Icehouse Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/icehouse-ventures)[**SE Ventures** Corporate VC **3** rounds together](https://millionrounds.com/fund/se-ventures)[**OIF Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/oif-ventures) ## Recently backed The latest companies Altered Capital put money into. [**Pearler** $16M · Sept 2026](https://millionrounds.com/company/pearler)[**Alpaca** $150M · Jan 2026](https://millionrounds.com/company/alpaca)[**Starboard Maritime Intelligence** $14M · Sept 2025](https://millionrounds.com/company/starboard-maritime-intelligence)[**Emerge** $7.3M · Oct 2024](https://millionrounds.com/company/emerge) ## Quick answers about Altered Capital ### What does Altered Capital invest in? Altered Capital invests most often at Series A and Series D (100% of the rounds on record), in sectors such as Financial Services. ### How active is Altered Capital? 5 investments on record, 3 of them in the last 12 months, and it led 2. The most recent was in Sept 2026. ### What has Altered Capital invested in recently? Its most recent investments on record: Pearler (Series A, Sept 2026), Ideally (Series A, Apr 2026) and Alpaca (Series D, Jan 2026). ### How big are Altered Capital's cheques? The median round it joins is $14M. ### Does Altered Capital lead rounds? Yes: it led 2 of its 5 investments on record (40%). ### Where does Altered Capital invest? Most of the companies it backs are in New Zealand (60%), Australia (20%) and the United States (20%). ### Is Altered Capital investing now? Yes: it is actively investing, with 3 investments in the last 12 months. ### Who does Altered Capital invest alongside? Most often Icehouse Ventures (3 rounds together), SE Ventures (3 rounds together) and OIF Ventures (2 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=altered-capital) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=altered-capital)