The series is the brainchild of Ravensbourne laser sailor Peter Graham.
He organised the series, which is tailored for 8 to 13-year-olds, because he had received feedback from children involved in a winter series who wanted a similar one in summer.
"A couple of kids asked if I could set one up and it was something I would have wanted when I was growing up."
Graham said he wanted to get the children together in the summer to create a positive and competitive atmosphere.
He is sponsoring the series through his business, Traffic Management Control Limited, at no cost to the children. Coaching, resources, racing skins and prizes are provided.
Pip Early, whose son George is currently leading the series, said Graham was a quiet achiever who worked tirelessly for young sailors and never expected anything in return.
"For Peter to take the initiative and do this simply because he loves sailing is fantastic."
The leader of the series will wear a black top, similar to the concept of the yellow jersey in the Tour de France.
Early said the children were excited about the idea.
"These kids are thrilled to get on the water and compete."
The series started on October 8 and will finish in March, with a break over the summer holiday period. To prevent any clashes, it is being run in conjunction with the Otago Yacht Club's regattas.
There are seven races, spread around the clubs: Ravensbourne, Macandrew Bay, Burkes/St Leonards, Otago Yacht Club, Vauxhall and Port Chalmers.
All competitors gain points in each race and the first, second and third-placed overall winners will receive a prize at the end of the series.
The goal is to motivate and increase the number of young sailors in the sailing community.
Graham said for the children to be eligible for prizes in each race, five boats had to compete. Whether that happened was entirely up to the children.
"The onus is on the kids to ring around and make sure there are enough competitors."
Optimist sailing provides an entry into competition for young sailors around the world. There are nine children competing in the series.
Graham has been involved in sailing all his life. He has been to four world championships, where he competed in the 49er class, with a best placing of 11th in 2004.
He has also competed in numerous other sailing events and classes.