Solid progress continues
We have now received over $1 million in applications for the the December 2015 Offer, with over $800,000 received directly and $231,000 via the Snowball Effect Wholesale Platform.
Offer Extended until 31 January
We had a good number of investors and financial advisors, along with Snowball Effect, ask us for more time. Some investors want to read the material over the break, others have found that their advisors have taken the normal extended kiwi summer break until late January and others need to move funds which are tied up elsewhere. Given the length of the summer break the directors of Punakaiki Fund agreed to extend the offer until 5pm on 31st of January.
We’ve just launched a new wholesale offer to investors for Punakaiki Fund. It’s available only to Exempt investors, as we hit the legal limit of $2 million for crowd-funding investors back in June.
There are two ways to invest. The easiest for new investors is through Snowball Effect’s wholesale platform, or you can download the Information Memorandum and the Application Form and apply directly.
The directors have elected Mike Bennetts as Chair of Punakaiki Fund. Mike brings considerable governance and executive expertise to the boardroom, and, along with the other directors, is an investor in the fund.
The board also determined that the Net Asset Value of the fund at the end of September was $12.3 million, or $14.60 per share, up from $14.14 at the June fundraising.
We are very happy to announce our latest investment — Mobi2go, where we have invested up to $1 million — with $500,000 invested immediately and an additional $500,000 only if and after we raise a certain amount of additional funds.
Mobi2go helps food service businesses sell more by adding an ordering function to their marketing website. Customers can order their food and beverages online and either pick up in person at the restaurant, or, in some cases, arrange delivery. Mobi2go integrates with many POS systems and generally sends the order directly to the kitchen. The customer turns up, picks up the food (which has their name on it) and walks away — having already paid. It’s a winner — saving time for the customer and increasing same-store sales, often by 20%, without adding front of house staff for the restaurant.
Punakaiki Fund press release today, marking the beginning of a new era for the fund. Chris Humphreys and I are very happy to be able to welcome such an excellent set of directors.
Three new directors bring wealth of experience
Auckland, 13 October 2015 – Punakaiki Fund Limited, an investor in growth stage technology and software companies, has appointed three new directors at its recent AGM. As it gears up for growth, its 475 shareholders have appointed Mike Bennetts (CEO of Z Energy), John Berry (co-founder of Pathfinder Asset Management) and Bryan Hutchins (director of Real Journeys). All three are shareholders in Punakaiki Fund.
The Vend investment was announced today. The deal terms were as described in the shareholder vote material, where we combined a $2 million cash investment with an issue of Punakaiki Fund shares (to myself) to purchase Vend Shares.
The NBR has covered this story but it is behind the paywall. Here are some excerpts:
Last night we signed and today we are announcing a new investment: EverEdgeIP Global.
CEO Paul Adams and Lance Wiggs have been discussing EverEdgeIP with increasing intensity for a while now, starting with informal meetings exchanging information about our approaches, progressing a while later to formal Better by Capital sessions to assist EverEdgeIP to get ready for this round (the last session was more than 3 months ago), and more recently about this investment. We are very impressed with their approach, the investment case and future possibilities about working together.
We are very happy to announce our crowdfunding investment offer to the public:
Punakaiki Fund will soon be presenting an offer through the Snowball Effect platform.
We are pleased to announce that we have selected Snowball Effect to present our fund-raising offer to members of the public. Equity crowdfunding allows us to reach out to people who up until now have been unable to invest in Punakaiki Fund. This includes many of the investors who supported us in the 2013 Public Offer, when we did not reach the minimum.