New Zealand firm has sent an application to join a Taiwan and New Zealand joint investment fund. The opportunity givest the participant a way to invest in a new venture.

According to officials from the National Development Fund or NDF, New Zealand company is the very first application to the joint fund.

The venture capitalist company concentrates its investment in the specialty areas of digital content and biotechnology. Taiwan and New Zealand said that it will create a joint investment commission to evaluate the application. The two nations will then each put up a fund management council to help make the final decision.

The magnitude of the firm's contribution will only be revealed after the commitment application is approved. There are also a few other venture capitalist firms considering applying, sources said.

The New Zealand Venture Investment Fund and the NDF signed an agreement in 2012. The two organizations have each offered US$80 million to establish the NT$5 billion joint fund. A maximum investment of one company is US$20 million. The two countries plan to provide funding in equal proportions to invest in new ventures across the two countries.