Portfolio Companies

Shareholding: 1.8%*
First Investment: August 2015

Vend provides cloud-based point-of-sale software that includes ecommerce, inventory management, customer loyalty and analytics. It helps retailers large and small manage and grow their businesses. It targets retailers with multiple stores by providing powerful back office, analytics and inventory functions. Vend integrates with a large number of payment providers, has partnerships with Apple and Xero and has over 20,000 stores using its software. Vend has offices in Auckland, Melbourne, London and Toronto. Vend completed its most recent fund-raising round in December 2016. LWCM provided earlier advice with governance and assistance with executive recruitment, but is no longer active in assisting Vend. Vend’s founder, CEO and staff have been active in LWCM founder sessions.

Recent News:

*Fully diluted shareholding after accounting for employee options

Shareholding: 40.4%*
First Investment: June 2014

Devoli is an Internet Service Provider that provides wholesale and corporate telecommunication services, network automation capabilities, and hosting to businesses predominantly in New Zealand and Australia. Devoli is growing rapidly, is cash flow positive and has over $15 million in annualised revenue. Devoli is based in Auckland with an office in Sydney and a network that extends to the United States.

LWCM is active in the governance of Devoli. Punakaiki Fund has agreements to purchase an additional 13.6% of the current Devoli shares on issue to bring the total shareholding to 54%, with the timing of this additional investment conditional upon the results of this and future offers. Lance Wiggs’ brother, John Wiggs, beneficially owns 4.0% of Devoli.

*At the date of the October/November 2018 PDS, Punakaiki Fund has agreements to purchase additional Devoli shares equal to 13.6% of the current shares on issue, to reach a total of 54.0%.

Shareholding: 25.6%
First Investment: February 2015

Onceit is an online daily deal site selling mid to high-end designer fashion, beauty and homewares, predominantly in New Zealand. Onceit has grown to around NZ$14 million in annual revenue and has a profitable high-growth business model. Onceit has paid dividends to Punakaiki Fund on six separate occasions in three years and since the first investment in February 2015, the net aggregate amount of dividends paid representing nearly half of Punakaiki Fund’s total investment in Onceit. Onceit’s board includes Simon West, the former CEO of EziBuy and current Executive Director of Max Fashions. Onceit is based in Auckland.

The last investment event was the purchase of shares by Simon West in late 2015. LWCM is active in the governance of Onceit, with Lance joining the board as an independent director before the first investment and assisting with the board appointment and the sale of shares to Simon West.

 

Onceit In the News

Shareholding: 19.6%
First Investment: Dec 2015

Mindfull is a global advanced analytics practice that builds data, information management and warehousing, predictive tools, and platforms. The company also provides consulting services, and has a large number of top New Zealand firms as clients across both its business streams. Mindfull’s Qubedocs product is an auto-documentation tool for IBM’s Cognos TM1 software, which gives Chief Financial Officers comfort in being able to track integrity and changes in their financial models. Mindfull has offices in Auckland, Wellington and the United States.

Mindfull’s last external round was with Punakaiki Fund in December 2015. LWCM is active in the governance of Mindfull, including strategic planning processes, international growth planning, organisation development, finance and senior recruitment.

 

Case Studies
Mindfull’s unique solutions to difficult problems facing New Zealand companies:

Shareholding: 3.8%
First Investment: June 2014

Timely provides a software platform to beauty and wellbeing businesses to manage front office bookings, reminders, marketing, point of sale as well as back office staff rostering, reporting and analytics. Timely is used by over 30,000 practitioners in 80 countries and announced that they had surpassed $7m in annualised recurring revenue earlier in 2018. Timely was placed 15th in the 2017 Deloitte Fast 50 index with two-year revenue growth of 379%. Timely has a remote working approach with staff based in several centres, including Dunedin, Auckland, Wellington and the United Kingdom. Renowned stylist, television personality, author and business expert, Tabatha Coffey joined the Timely board of directors in August 2018.

The last major external investment was in November 2017, with a $7 million investment by Movac. Punakaiki Fund did not invest in this round. LWCM receives regular updates from Timely, and the Timely founders and senior staff have been active in LWCM founder sessions.

 

Recent News

Shareholding: 6.3%
First Investment: June 2014

Raygun provides a software intelligence platform that enables customers to ensure that their software is being experienced the way they intended. The platform consists of software crash and error reporting, real user monitoring, user and deployment tracking, and Application Performance Monitoring (APM), which launched in September 2018. Raygun is headquartered in Wellington, and also has offices in Seattle, Washington.

The last major investment event was in February 2016, where Punakaiki Fund was one of several investors. LWCM receives regular updates from Raygun and provides occasional feedback and advice.

Recent News and Updates

Shareholding: 15.8%
First Investment: November 2017

Coherent Solutions develops and manufactures advanced coherent and non-coherent light (laser) test equipment for the global fibre optic communications market. The company also has a number of new technologies in development which will expand the company’s market from labs and advanced research and development facilities to hi-tech manufacturers. Incorporated in August 2012 as a spin out from Southern Photonics to grow the latter company’s optical testing equipment business. Coherent Solutions is headquartered in Auckland.

The last major investment event was in November 2017, where Punakaiki Fund lead an investment round including other local funds. Punakaiki Fund has an agreement to purchase an additional 1.2% of the current Coherent Solutions shares on issue to bring its total shareholding to 17.0%, which will be completed, conditional upon the results of this Offer.  LWCM continues to be active in the governance of Coherent Solutions.

 

Shareholding: 19.6%
First Investment: October 2015

Mobi2Go is a digital ordering and engagement platform for the hospitality sector, currently used across Australasia and North America. It allows food service businesses to save time and increase revenue by accepting orders straight into the business’ point of sale system. Customers can order and pay for menu items and even select a time to pick it up fresh from the kitchen. Mobi2Go allows clients across the hospitality sector to deliver a branded experience that they can control. Their system integrates with major point of sale systems, and is especially suited to clients with multiple branches. Mobi2Go has offices in Wellington and Melbourne.

The last investment in Mobi2Go was a tranched investment in February and May of 2018 for the purpose of accelerating top-line growth. This investment lifted Punakaiki Fund’s shareholding to 19.6%. LWCM receives regular updates and has assisted with the appointment of JD Trask to the board, capital structuring options and product usability. LWCM has a right of representation on the board of directors, but has not exercised this to date.

Mobi2Go is currently seeking funding, and Punakaiki Fund has expressed its interest in supporting or leading this capital raising round.

 

Shareholding: 29.9%
First Investment: July 2015

EverEdgeIP is an intangible asset valuation specialist which helps companies drive growth and create wealth from intangible assets. Intangible assets, including data, content, software, brands, confidential information and design, can be the most important assets companies today own; however, these assets are frequently left off company balance sheets, creating or hiding major risks and opportunities. EverEdgeIP helps corporations identify and manage both intangible asset downside risks and upside value. EverEdgeIP has offices in Auckland, Sydney and Singapore.

In January and February 2018, Punakaiki Fund increased its shareholding in EverEdgeIP by acquiring the shareholdings of seven of EverEdgeIP’s larger shareholders in exchange for Punakaiki Fund shares. LWCM is active in the governance of EverEdgeIP, with Lance Wiggs acting as Chair of the board and providing assistance with developing and prioritising options for growth, executive recruitment and international negotiations and structuring.

 

Recent News

Shareholding: 19.1%
First Investment: February 2017

Conqa provides software that allows multiple parties in the construction industry to do all of their quality assurance planning and execution online and on mobile. Conqa keeps all quality assurance documentation in one secure location, while letting their customers have all of their hold points, checklists, defect flagging, photos and notes at their fingertips. The software improves on-site productivity and in some cases accelerates the council building inspection sign-off process. Conqa’s clients include Dominion Construction and Hawkins Construction, two of the largest primary contractors in New Zealand, and Conqa’s software is used across thousands of construction sites, and is embedded in $5-10 billion of construction projects. Conqa is based in Auckland.

The last investment event was in March 2018, when Punakaiki Fund led a new investment round, increasing its shareholding from 10.9% to 19.1%. LWCM provides active governance assistance and has provided advice on product, customers and pricing, capital raising, and sales growth.

Conqa has indicated that they will accept funding led by Punakaiki Fund conditional upon the results of this Offer.

 

Shareholding: 28.9%
First Investment: March 2015

RedSeed offers an end-to-end solution through proprietary and customised modules in a SaaS Learning Management System for large retailers looking to increase sales through their sales team. With over 50,000 active trainees, RedSeed has a significant footprint in the New Zealand retail business market, with clients including Fletcher Building, Foodstuffs, Icebreaker, 2degrees, Max, Kathmandu and Revlon. Australian clients include Drummond Golf, M.J. Bale, Weber, Beaumont Tiles and Red Bottle. RedSeed is based in Christchurch and has an office in Australia.

The last investment in RedSeed shares was the buyout of an existing shareholder in May 2018. LWCM is active in the governance of RedSeed including advice on local and international strategy and growth, pricing, balance sheet management and executive recruitment negotiations.

Recent News, Updates and Case Studies

Shareholding: 24.6%
First Investment: June 2016

New Zealand Artesian Water (“NZAW”) bottles and exports water from a sustainable bore using both its own E’stel brand and third party brands. NZAW is based in Nelson, where their factory is located, and is ramping up production in their new, higher capacity plant. E’stel water is increasingly sold within New Zealand through some of the large supermarket chains, and the business is also focused on dealing with pent up demand from China, the United States and the Middle East.

The last investment event was in April 2018 with an $800,000 investment by Leisure Investments Limited, and Punakaiki Fund acquiring additional shares from an existing shareholder in exchange for Punakaiki Fund shares. LWCM’s assistance has focused on review of operations and financial plans, structuring of large sales arrangements, finance, acquisitions and new investment.

Shareholding: 27.9%
First Investment: February 2015

Boardingware helps boarding schools manage their students’ movements and pastoral care using a SaaS product. The product is used by over 180 elite schools across the globe, particularly in the United Kingdom, the United States, Australia and New Zealand. Boardingware has been one of our fastest growing Portfolio Companies. The company has started expanding its platform into the day-school market, and the day-school brand, ORAH, will eventually replace the Boardingware name. Boardingware is headquartered in Auckland, with offices in the United Kingdom, the United States and Australia.

The last investment event was Punakaiki Fund’s second investment into Boardingware in July 2015. Boardingware has not raised any additional capital since that date. LWCM assistance has primarily focused on international and domestic sales, financial management, and responding to unsolicited merger and acquisition proposals.

 

Recent News and Updates

Shareholding: 24.9%
First Investment: December 2014

Melon Health’s digital self-management platform for chronic disease provides patients with the tools, support and information to help manage their condition and change behaviours. Melon’s customers are health care payers, insurers, pharmaceutical companies and health care delivery organisations in New Zealand, Australian and the United States. They include Primary Health Organisations, District Health Boards and the Ministry of Health in New Zealand, nib Australia, and Oscar Health and Georgia Physicians for Accountable Care in the United States. A 2015 trial for Midlands Health Network saw over 80% of pre-diabetes patients using Melon Health’s platform achieve a number of measurable, positive outcomes, with similar results after rollout.  Melon Health is based in Wellington with offices in the United States.

The last investment was the issue of a convertible note to Punakaiki Fund in August 2018. Prior to this, Punakaiki Fund also purchased a small parcel of existing shares from departing director and shareholder Brian Leighs. LWCM is active in the governance of Melon Health, with monthly board meetings, and a focus on strategic sales, financial management and accelerating growth.

Melon Health is close to closing a new funding round, led by Punakaiki Fund and with participation by two other investors. The timing of some of this investment is conditional upon the amount raised from this and (potentially) subsequent offers.

Recent News and Updates

Shareholding: 31.7%*
First Investment: February 2015

Weirdly is a Human Resources technology SaaS platform, helping companies filter the best job candidates from thousands of job applications. Weirdly works with enterprises to design and deliver scientifically sound online surveys that quantify values alignment between the job applicant and company. This results in better quality hires – improving retention, providing a better candidate experience, and speeding up a slow, labour intensive process. Weirdly has staff in Auckland, Sydney and San Francisco.

The last investment event was in October 2018, when Punakaiki Fund completed the second (and final) tranche of an investment alongside two existing investors, taking slightly more than its pro-rata entitlement and increasing its shareholding to 31.7%. LWCM has in the past provided advice on product, pricing, sales growth, founder roles and capital structuring.

*  Punakaiki Fund has invested additional funds into Weirdly. When these shares are issued, Punakaiki Fund’s shareholding will increase from 31.5% to 31.7%.

 

Recent News and Updates

Populate’s software provides management capabilities especially around organisational headcount and job approvals. Punakaiki Fund holds 14.6% in Populate.

Influx is a fitness software business, in which Punakaiki Fund holds 25.2%.

Hayload provides a SaaS product tracking agricultural contracting jobs. Punakaiki Fund holds 23.3% in the company.

Family Zone acquired Punakaiki Fund’s 20% shareholdings in Linewize in November 2017 in  exchange of NZ$40,000 in cash 1,913,708 Family Zone ordinary shares and 1,900,000 Family Zone performance share. 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.

ThisData’s assets were acquired by private, US-based company OneLogin in April 2017 in exchange for OneLogin shares, which are currently held in escrow. Punakaiki Fund holds 11.0% in ThisData.