Our December 2014 capital raising round raised $1.140 million from 34 new investors. We issued 91,200 Shares+Option at $12.50 each, with the option being to purchase 1 Share for $14 before September 30th, 2015.
The original 57 investors (Including LWCM and Chris) own 302,600 shares, and have options to purchase an additional 152,500 shares at $12 each before June 30th, 2015.
Overall Punakaiki Fund has now raised a gross total of $4,165,000, and had a Net Asset Value, as at Dec 31, of just over $4.7 million. We have just over $2.1 million in the bank today.
At this stage in our life we are generally looking to invest between $100,000 and $750,000 per company per round.
We are always on the lookout for new companies to look at. Our requirements are simple:
1: Well defined end users in a global niche, and a great product that delivers to their needs.
2: Growing revenue from paying customers that shows you know how to grow and keep growing.
3: Smart driven yet balanced founders and team who understand their niche and are in it for the long haul and the right reasons, and who we can trust.
4: Good numbers for investors. Frankly if the first three are in order then this part is easy, and we are pretty easy on valuations and terms when it comes down to it.
We continue to invest with a very long term horizon, a luxury we have as our fund has no defined lifetime. We like simple term sheets, founder-centric arrangements and being able to give help when asked, or and stay back when not.