Vibe Communications

Punakaiki Fund has acquired a 20% stake in Vibe Communications.

Vibe Communications (Vibe) is an Auckland based ISP (Internet Service Provider) that provides wholesale and corporate telecommunication services to businesses in New Zealand. They have a strong technical reputation, and use their networking and procurement deal skills to provide high quality service to serve other ISPs and ICT service providers. They are most comparable to an early version of Australia’s Vocus, which is now listed on the ASX.

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We have placed our first investment with Mindscape, for a little over 5% of the company. We have been tracking Mindscape and their new product for a while, and were very happy that we were able to re-open an investment window that had been closed, becoming the largest investor in Mindscape’s capital raising round.

Mindscape was co-founded by John-Daniel (JD) Trask and Jeremy Boyd in 2007, and Lance had previously co-invested with JD, who is Mindscape’s CEO, in Valuecruncher back in 2007. That particular investment didn’t work out, although we all learned a lot in the process and much more since then.

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Punakaiki Fund Private Capital Raising Results

We are very happy to announce that we have raised $1,525,000 for Punakaiki Fund, from 55 private investors. Many thanks for your support.

We were unable to complete our public offer in 2013, and paid the $3.3 million that was committed back to those investors. This private offer was only made available to those previous investors who were also eligible under the old Securities Act, and had a minimum investment of $20,000. Unfortunately the eligibility and minimum amount requirements meant than most of the 360 or so investors from the pubic offer were unable to participate, but we remain very grateful for their previous support, which we will remember for future offers to the public.

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