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.
We are delighted to announce that we have purchased 16.67% of Boardingware Limited.
Boardingware helps boarding schools manage their students’ movements and pastoral care, replacing stacks of paper, email trails and other cumbersome systems. It allows students, boarding masters and parents to easily request, approve and track absences, such as weekend leave. And it records events, discipline issues and positive feedback on students, making those reports a lot easier to compile.
We are very happy to announce that we have purchased 18.6% of Weirdly Limited.
Weirdly helps companies that actively recruit people find better applicants, and also reduce the effort required to manage applicants. There are a number of recruitment management systems that already exist, and Weirdly adds a cultural fit layer to the front of the process. It’s all done online these days of course (it’s been a while since Lance applied for a job), and rather than launching directly into the application and resume/c.v. sending process, candidates first get posed a series of questions through Weirdly.
We announced our convertible note for Melon Health (formerly Social Code) on January 8th, and are now announcing our equity investment along the conversion of the note into equity.
Melon Health is a patient-centric software as a service business, providing patients (the end users), medical professionals and supporters with web and mobile apps. The service, which integrates with other patient care applications, helps with with tracking, remote monitoring, behaviour change and provides peer and professional support to patients. The healthcare outcomes so far have been excellent — this service changes lives. The results are already landing substantial customers and part of the investment will allow Melon Health to run medical trials to statistically demonstrate the efficacy of the service.
Punakaiki Fund has invested into Onceit, for a holding of a little over 15%. Onceit sells high-end New Zealand designer fashion at insider prices.
Onceit is well known to many, especially in their primary target market of women between 18 and 35 in New Zealand. There are a large and growing number of active members and you can join them at onceit.co.nz.
Punakaiki Fund has invested into Social Code, a Wellington and San Francisco based start-up that helps patients prevent and manage chronic disease by connecting them with their doctor, other medical professionals, family and peers. The investment is an interim one, and in the form of a vanilla convertible note (debt that will convert into equity at the next round). We made the investment as Social Code needed secure finance as they work out a revised deal with Punakaiki Fund and another set of investors for their current equity raising round.
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.
Punakaiki Fund this week reinvested in Vibe Communications, bringing the fund’s shareholding to 24%. The remainder of the shares are owned by the executive-founders, CEO and key staff.
Vibe had a fantastic year in 2014, growing their network, launching new products and delivering for customers. We expect even more activity and growth in 2015.
We successfully closed our November 2014 options round with 98.4% of the options redeemed at $10 per share, for a total of $1.5 million. While 80% of the options were taken up by their holders, and the remainder were traded within shareholders, at a price of $1 per option.
We were very pleased to see the confidence expressed by shareholders.
Our final investment of our initial funds is for just under 5% of Timely.
Timely provides appointment booking services to beauty salons, hairdressers, spas, consultants and personal trainers. There is a little overlap with InfluxHQ, but Timely currently focusses on one client per appointment, and InfluxHQ on gym classes. Each company has consented to our investment in the other.