At our launch 5 years ago Punakaiki Fund had a broad mandate, able to invest in any New Zealand company that was “high growth”, as well as turn-around opportunities. We also stated that we would focus on Internet, technology and design-led companies.
Over the following years we added and amended our Statement of Investment Policies and Objectives, and then added a Socially Responsible Investment Policy addressing environmental, social and governance (ESG) issues.
Mobi2Go Accepts Investment
We are pleased to announce that Punakaiki Fund portfolio company Mobi2Go has closed a $5 million investment round with Movac, a fellow (and larger) New Zealand venture capital fund.
We have generally kept Punakaiki Fund company news for investors only, but will now be publishing more information. The first release is our latest Quarterly Report. Note that there is a webinar this afternoon (Tuesday) at 5pm, which all are welcome to join.
We have also released all of our historical Quarterly Reports. The earlier Quarterly Reports are redacted to preserve confidential information, while more recent reports are written for a public audience.
Retail offer closed in November 2018
Welcome to 158 new investors, and many thanks to all 321 investors who invested a total of $2,536,506 in the October 2018 retail offer.
As we count down to closing the October 2018 Retail Offer we bring you three pieces of news:
1: Our investor net asset value per share has increased
We held our quarterly Board meeting on Friday, and I’m very happy to announce the new September quarter-end valuation:
Punakaiki Fund Limited makes long-term investments into high-growth New Zealand companies, and has a portfolio of 20 investments and $40.6 million in assets.
Please join Lance Wiggs, selected portfolio company founders, and the Punakaiki Fund team as we launch our 2018 Retail Offer to support further investment into great New Zealand companies.
We have released our September 2017 interim accounts, which are the half-year financial snapshot. These show that the assets of Punakaiki Fund were $31.56 million at the end of the quarter, of which $29.25 million was investments.
The accounts show a profit of $1.145 million for the half-year, but we believe the more important piece of reading is the statement of cash flows. This shows that net cash used in operating activities was $213,000, which represents just 0.67% of total assets, or 1.35% on an annualised basis.
We are very happy to publicly announce our investment into Coherent Solutions.
Coherent Solutions builds advanced coherent (laser) and non-coherent light testing equipment, primarily for the development and manufacture of fibre optic telecommunication components and systems.
Punakaiki Fund’s regulated offer to New Zealand investors for December 2017 is now open, and will close on Thursday 21st December. Our next retail offer will not be until after 1 August 2018.
Why the combination works
There was almost immediate agreement, at the start of negotiations, that the combination of Linewize and Family Zone was good for both businesses. Linewize provides world-leading technology for firewall, filtering and classroom internet management tools, and has 260 New Zealand schools on board. Family Zone has a disruptive business model (selling on-device filtering software to parents via school mandates) and is growing very quickly in Australia, and can rapidly expand the use of Linewize’s technology. They have also signed deals with large telecommunications providers. The combination is a strong sales and marketing engine on top of some excellent technology, and better geographic coverage for all.