As a founding partner and key investor in the Wellington investment house, Movac, semi-retired investor and philanthropist Richard Abbott has a minority interest in a host of startups that could one day be the next Trade Me.
Along with a bunch of like-minded investors – including Movac business partner Phil McCaw, Sam Morgan and Nigel Stanford – Abbott was part of the team that created Trade Me, which he chaired until its sale in 2006 when his 10% was cashed in for $73 million.
More recently, Movac reaped tens of millions as a 20% shareholder in PowerbyProxi when it was sold to Apple for more than $100m.
As an active philanthropist, Abbott and his wife Gilliam Newland run the Jester Foundation as a vehicle for the family's social responsibilities. With the aim of supporting sustainable social initiatives that alleviate some of the world’s biggest problems, the foundation invests in initiatives that create the greatest humanitarian impact for every dollar spent.
The foundation supports causes like Medic Mobile, which builds and deploys technological tools to make health care systems in poor and underserved communities more effective and efficient.