Onceit

Exclusive sales on designer brands at member-only prices

Shareholding: 25.6%
First Investment: February 2015

Onceit is an online daily deal site selling mid to high-end designer fashion, beauty and homewares, predominantly in New Zealand. Onceit has grown to around NZ$14 million in annual revenue and has a profitable high-growth business model. Onceit has paid dividends to Punakaiki Fund on six separate occasions in three years and since the first investment in February 2015, the net aggregate amount of dividends paid representing nearly half of Punakaiki Fund’s total investment in Onceit. Onceit’s board includes Simon West, the former CEO of EziBuy and current Executive Director of Max Fashions. Onceit is based in Auckland.

The last investment event was the purchase of shares by Simon West in late 2015. LWCM is active in the governance of Onceit, with Lance joining the board as an independent director before the first investment and assisting with the board appointment and the sale of shares to Simon West.