as at 30 June 2026
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Core Schedule was established in 2016 to continue to develop efficient, easy to use, transparent, and accessible scheduling software to allow hospitals and other medical service providers to develop and administer staffing rosters. Since its creation in 2009, Core Schedule has been adopted by major hospitals and small clinics in the United States, New Zealand and Australia.
Founded in 2019, Couchdrop has mastered the art of shuttling hefty data packets between cloud platforms swiftly, securely, and without breaking the bank. The company’s sister product, Movebot, seamlessly migrates data between cloud storage giants—think shifting corporate treasures from Google Drive to Dropbox or Egnyte to Google.
Couchdrop has experienced remarkable early growth and is currently the fastest growing company in our portfolio. Large, household names like Dropbox rely on Couchdrop to migrate customers to their platform and the company is moving data for 12,000 companies worldwide with significant presence in North America and Europe.
Punakaiki Fund first invested in Couchdrop in 2022 and remains the only fund invested in the company with a 21.8% stake. Couchdrop is our second partnership with Michael Lawson, whose first venture, Linewize, was acquired by Family Zone in 2017.
CONQA (QA Tech Limited) is construction software that makes quality assurance simple and easy for contractors, enabling them to deliver projects with confidence and track live progress.
Founded in 2015, CONQA makes it easy to inspect and capture evidence of compliant work. With 10 years of progress, billions of dollars’ worth of projects completed, and strong annualized recurring revenue, the company can be proud of its journey to date.
CullBeck makes iron without coal. Its electrically heated reactor uses hydrogen to reduce low-cost ironsand in under 150 seconds, rather than the eight hours or more a coal-fired blast furnace takes, and it does so in compact, modular plants instead of multi-billion-dollar megaprojects. Steelmaking accounts for roughly 8% of global emissions, so iron that is both cheaper and far lower in carbon is a rare win in a hard-to-abate industry. CullBeck’s technology was developed over nearly a decade of research and is now heading for a demonstration plant with NZ Steel at Glenbrook.
Devoli is a wholesale telecommunications company that empowers customers to launch, innovate and scale connectivity services for residential and business end users. With its very large telecommunications network, Devoli has the ability to provide products to business customers at compelling price points and enable a low cost of services for its customers.
In 2024, the company placed first in the Deloitte Masters of Growth. Based in Auckland, Devoli’s platform is currently servicing over 150,000 broadband connections to their customers across Australia and New Zealand.
Formus Labs is a New Zealand company which has created the first automated 3D planner for joint replacement surgeries – a tool that provides unprecedented insight into the pre-operative planning process.
Traditionally, 1 in 5 knee replacement operations are unsatisfactory and 1 in 10 hip replacements require revision surgery within 10 years. This costs the orthapedic industry billions of dollars annually.
Using cutting edge biomechanics and machine learning, these tools empower surgeons and produce better results for patients worldwide while offering significant cost savings to the industry as a whole.
GetHomeSafe offers a people-first safety solution to help enterprises protect workers, team, and organisations. With a focus on ease-of-use and engagement, Get home Safe provides safety applications and hardware for field workers, team scheduling and monitoring for supervisors, along with reporting and compliance for organisations.
The platform tracks and assists “people home safely” at an annualised rate of almost 500,000 trips a year and enjoys high customer satisfaction. It is increasingly dominant in New Zealand, and serves clients across the world, including a Fortune 500 company.
Punakaiki Fund invested into GetHomeSafe Limited in December 2020.
MOBI merged with HungryHungry (HHM Global) in May 2024. The companies help food service businesses sell more by offering online and table-based ordering products, as well as merchant solution services.
Under the leadership of HungryHungry’s founders, the unified company combines MOBI’s robust, enterprise-grade capabilities with HungryHungry’s consumer-first innovation. This powerful synergy now enables the Group to serve over 2,800 venues across more than 15 countries with a market-leading digital ordering and guest engagement solution.
*39% of Punakaiki Fund’s shareholding of MOBI HQ has minor economic value.
Hectre helps fruit growers and packers run more efficient, data-driven orchards. Founded in New Zealand, Hectre’s software digitises core orchard operations including harvest management, labour tracking, payroll and fruit quality assessment, replacing manual, paper-based processes with real-time insights. Its platform combines practical farm management tools with portable computer vision technology that accurately measures fruit size and colour in the field, helping growers make better decisions across harvest, grading and packing.
With customers across major horticultural markets globally, Hectre is building critical infrastructure for modern food production, improving productivity, traceability and returns for growers while supporting the long-term sustainability of the fresh produce supply chain.
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Onceit is an e-commerce online retailer offering top brands in fashion, beauty and homewares at great prices – predominantly in New Zealand, but it also ships to Australia. Launched in May 2010 and founded by Jay Goodey, Onceit has become a one-stop destination for more than 500 local and international brands, serving over 200,000 members.
Onceit has benefited from the efforts of investor, director and highly regarded e-commerce leader Simon West, spending time in the business.
Orah is transforming how schools manage student safety and wellbeing. Founded by Paul Organ and Kurt Meyer, Orah’s platform connects attendance, pastoral care, and real-time student location tracking in one intuitive system. With deep integrations into leading student information systems like Blackbaud, Veracross, and FACTS, Orah gives schools a unified view of every student’s journey, helping staff respond faster in emergencies and support wellbeing more proactively.
With close to 400 schools already onboarded and strong traction across North America, Orah is redefining duty of care in education and shaping the next generation of connected school technology.
Projectworks is a project intelligence platform that engineering, architecture, software, and management consulting firms use to run and scale their business profitably. Its cloud-based software automates consulting firms’ project processes – getting them out of the resourcing, forecasting, and reporting ‘weeds’ so they can focus on delivering outcomes for their clients.
It has received recognition including ‘Emerging Company of the Year’ at the 2025 NZ Hi-Tech Awards, 19th on the 2024 Deloitte Fast 50, and #557 on the Inc. 5000 list of fastest-growing private companies in the United States.
QUBEdocs is one subsidiary of Mindful Group, which sold Mindfull Limited, an advanced analytics practice to Fusion 5.
QUBEdocs is an auto-documentation tool for IBM’s TM1 software and for cloud-based Planning Analytics, which gives Chief Financial Officers comfort in being able to track integrity and changes in their financial models. The company is also developing a version for Oracle’s Hyperion. QUBEdocs has offices in Auckland, Wellington and the United States.
Punakaiki Fund invested into Mindfull Group in December 2015, and Mindfull Limited was sold to Fusion 5 in late 2020.
Raygun provides a software intelligence platform that enables customers to ensure that their software is being experienced the way they intended. The platform offers features including software crash and error reporting, real user monitoring, user and deployment tracking.
In 2025, Raygun launched Autohive, which allows any team to find, use, and create AI agents, regardless of their technical expertise. Autohive’s no-code platform enables SMEs to deploy custom AI agents in minutes. In their first 10 weeks since launch, Autohive amassed over 1,000 users, 4,285 daily messages and 75,000+ automated tasks.
RedSeed delivers coaching learning for retail and B2B sales clients, helping businesses coach their own team to deliver better performance outcomes. Its online learning ecosystem was primarily developed for large retailers, helping tens of thousands of front-line staff and entire organisations.
RedSeed’s difference is integrating a coach-led approach into its platform, which enables leaders to help change behaviour, improve sales and other business outcomes. In the New Zealand retail business market, clients include Farmers, Foodstuffs, Icebreaker, 2degrees, Kathmandu and Torpedo7. In 2021, the company acquired KiwiHost, which was one of New Zealand’s longest-running training companies.
The last investment by Punakaiki Fund was the purchase of shares from a RedSeed co-founder in 2020. As a result of buy-outs of passive and active founders Punakaiki Fund’s shareholding is 48.5%.
Sea-Flux is a New Zealand maritime SaaS company transforming how commercial vessels are managed worldwide. Its cloud-based platform streamlines compliance, maintenance, and daily operations across all devices, accessible anywhere, even offline.
Built by seafarers for seafarers, founder Tai Ellis created Sea-Flux to bring clarity, confidence, and efficiency to vessel operations. The award-winning company supports nearly 10,000 users across more 1,300 vessels globally, empowering them to stay compliant, safe, and audit-ready.
Whip Around improves asset utilisation of fleet and fixed equipment by keeping inspections, work orders, and fleet health data in easy to use preventative maintenance software.
Whip Around assists over 150,000 fleet professionals and numerous fleet operators in managing recurring vehicle and equipment inspections, ensuring legal compliance, and identifying and completing critical maintenance.
Focused on the US market but bringing a high amount of NZ values along with them, Whip Around works hard to understand their customers’ needs and build success for their clients.
Frello enables clubs to focus on the game by providing time saving club management and administration automation.
The acquisition of Quantifi Photonics by Teradyne Inc (NASDAQ:TER) in May 2025 marked Punakaiki Fund’s fourth and largest major exit in four years. With an economic interest of 13%, Punakaiki Fund was the largest local investor in Quantifi Photonics, second overall behind US-based Intel Capital.
Quantifi Photonics is a New Zealand-based company specialising in photonics test and measurement solutions. Teradyne Inc is a global leader in automated test equipment and robotics systems.
Timely was acquired by EverCommerce for more than $100 million in June 2021
Founded in 2011, Timely exists to grow the value of the beauty industry by offering simple, affordable and reliable appointment software for small businesses. Customers get innovative business management software, award-winning customer support, education from the biggest industry names globally and peer support. Today, Timely serves more than 50,000 service professionals in 90 countries that use the cloud-based platform to book over 30 million appointments a year.
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Revenue growth from first investment
TVPI
IRR
Vend was sold to Lightspeed for US $350 Million in March 2020.
Vend is cloud-based point-of-sale and retail management software company based in Auckland, New Zealand. The company was founded in 2010 by Vaughan Rowsell.
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Revenue growth from first investment
TVPI
IRR
Autodesk (NASDAQ: ADSK) acquired Moxion in January 2022.
Moxion’s beautiful platform is focused on helping you weave all the threads of filmmaking together, simply, seamlessly and securely.
Moxion was created in 2015 by founders experienced in film and TV. We were built and designed from the ground up for the challenging New Zealand conditions, and today are based in Los Angeles with a team across the world, ensuring our customers benefit from 24/7 support, no matter where they are producing content.
Investment
TVPI
Family Zone acquired Punakaiki Fund’s 20% shareholdings in Linewize in November 2017.
Punakaiki Fund subsequently sold all its Family Zone ordinary shares on the ASX in June 2018, for A$0.54 per share, realising a net amount of NZ$1.109 million. Punakaiki Fund retains its Family Zone performance shares, which are released if certain milestones are met.
