Angel investment in young companies grew 72 percent year-on-year last year, indicating strong support for entrepreneurial start-ups.
Figures from a half yearly index on funding of start-ups shows more than $50 million was invested, compared with $29 million in 2008 and $27.4 million in 2007.
The number of companies funded also increased to 68, compared with 29 in 2008 and 49 in 2007.
New Zealand Venture Investment Fund chief executive Franceska Banga said that angel investors were "playing an increasingly significant role in the financing of high-growth, innovative start-ups" but she warned that funding for those companies was not necessarily sustainable.
About $120 million had been invested by angels since the Young Company Finance index began compiling angel investment data in 2006.
About 54 percent was invested in Auckland, 12 percent in Christchurch, 11 percent in Dunedin, 9 percent in Wellington and 5 percent in Palmerston North.