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The Venture Codex

Altered Capital

54 Mackelvie Street, Auckland, 1021, New Zealand

Overview

Altered is a venture capital firm investing in companies with a proven product or market. With a focus on technology, healthcare, and finance, we help teams achieve rapid growth through expansion, innovation, and acquisitions.

Total investments
6
Lead investments
3
Investments · 12mo
5
Active investors
3
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Investment portfolio

  • OneReg

    Led · Series A · May 2026

    OneReg offers a single-system platform to manage safety, regulatory and compliance data for airlines and airports. The company says its platform creates a single source of truth that speeds compliance and strengthens operational resilience. OneReg was founded in New Zealand in 2020 and has customers across New Zealand, Australia, the Middle East and the U.S. It has achieved triple-digit revenue growth prior to this round. With the $4.4 million Series A, the company plans to expand into the U.K. and Europe and to hire more sales and customer success staff. Product development priorities include platform scalability, enterprise airline modules and added AI capabilities.

  • Ideally

    Participated · Series A · Apr 2026

    Ideally is an AI-powered market research platform founded in August 2023 out of venture studio TRA Labs. The platform lets brands run fast, iterative tests and validations across product and marketing lifecycles, reportedly reducing some research cycles from nine months to 90 days. Ideally serves more than 250 brands across APAC and the US, including clients such as DoorDash, Telstra, Google, Burger King and Asahi. The company recently opened a New York office and has seen US revenue grow 350% since that expansion. Ideally is launching Ideally Canvas to provide continuously updated consumer, category and competitor insights for marketing teams. The startup has raised prior rounds of $2.15 million in November 2023 and $5.5 million in August 2024 and most recently closed an A$13.4 million Series A at an A$83 million valuation.

  • Contented

    Led · Seed · Feb 2026

    Founded in 2023 by Lucy Pink and Hannah Hardy-Jones, Contented offers an AI platform that automatically converts unstructured spoken conversations into actionable documents such as meeting minutes, task lists, risk registers, and draft publications. The product targets enterprises seeking to streamline post-meeting workflows and improve knowledge capture. Headquartered in Christchurch, New Zealand, the company already serves more than 200 global clients, including Christchurch Airport, Synlait, and Craigs Investment Partners. Contented plans to use newly raised capital to bolster its marketing and engineering teams, strengthen its technology, and push into the US and UK markets. Although no revenue figures were disclosed, the company’s customer base suggests early product-market traction. Management intends to scale internationally while continually enhancing the underlying AI models. The platform is positioned within the broader productivity, AI, and meeting transcription software categories.

  • Alpaca

    Participated · Series D · Jan 2026

    Alpaca operates a brokerage infrastructure API that powers fintechs, banks, broker-dealers, wealth managers, algorithmic trading firms, active traders, and crypto-native financial platforms. The company supports over 10 million brokerage accounts across hundreds of fintechs and institutions in more than 40 countries. Alpaca has expanded its regulated footprint through acquisitions, including an IFSCA-regulated broker-dealer and payment service provider in GIFT City and UK/European entities with passporting across the EEA, and has launched global equities access beginning with European equities. It has onboarded major global crypto exchanges and tokenization platforms, reported doubling revenue year-over-year for three consecutive years, and surpassed $1.5 billion in assets under custody for underlying stocks backing tokenized equities. Alpaca plans to use the new financing to accelerate its agent-first brokerage and API-first prime brokerage infrastructure to support tokenized markets and AI-native financial services.

  • Starboard Maritime Intelligence

    Participated · Series A · Sep 2025

    Starboard Maritime Intelligence is a New Zealand startup focused on maritime security. Its platform analyzes over a billion maritime data points daily — including ship tracking, satellite imagery, radar, oceanographic data and autonomous sensors — to detect suspicious activity and issue real-time alerts. The platform is already used by governments, defense agencies and commercial operators in over 30 countries. The company plans to expand its presence in North America, Europe and the Indo-Pacific region. Starboard raised A$20.7 million in a Series A to support that global expansion and further develop its technology. CEO Trent Fulcher says the platform protects maritime borders, infrastructure and commercial supply chains, and the financing will help set the standard for real-time maritime intelligence. Jonty Kelt (King River Capital) and Vu Tran (OIF Ventures) will join the company’s board. Starboard Maritime Intelligence is a Wellington, New Zealand–based SaaS startup founded in 2019 that applies machine learning to maritime data to detect suspicious vessel activity. Its software platform combines AIS, satellite imagery and scientific models to enable maritime activity monitoring and analysis. The company supports governments, border security authorities, NGOs and fisheries inspectors in prioritizing which vessels to focus on and inspect. In April 2024 Starboard raised A$4.6M (NZ$5M) in seed funding. The proceeds will be used to strengthen support for a growing number of analysts in the Pacific region and to expand the company’s go-to-market function into other countries and industry verticals. No operating metrics (revenue/users) were disclosed in the article.

Team