Punakaiki Fund Retains Stake in NZ-Founded Company
Punakaiki Fund announces that Whip Around, a New Zealand-founded fleet compliance and operations software platform, has been majority acquired by Accel-KKR. Punakaiki Fund first invested in Whip Around in October 2021, and more recently in mid-2025, and is retaining its stake in the company.
Noah Hickey continues to lead Whip Around as CEO, with a mandate to accelerate growth. Accel-KKR brings deep experience supporting software businesses through both organic growth and M&A, and Punakaiki Fund looks forward to supporting the company in these ambitions.
The transaction is an exit event for the original founders as well as the majority of investors, while Punakaiki Fund will retain its stake and be the largest New Zealand-based investor in Whip Around. The transaction has received approval from the Overseas Investment Office, as required under New Zealand’s overseas investment rules. Terms of the transaction are confidential.
“Whip Around’s product is an integral part of business-as-usual for fleets across the USA, and it delivers strong economic and safety outcomes for clients and drivers. They capture large volumes of important data that is used to further improve outcomes through partners. We backed the company in 2021 as we believed in the team’s ability to build something of genuine global scale from New Zealand. That conviction has not changed, which is why Punakaiki Fund is staying in.”
Lance Wiggs, Punakaiki Fund
Whip Around was formed around the idea of helping truck drivers quickly and thoroughly perform, and digitally track, required vehicle inspections. The company evolved significantly, and their digital platform now allows fleet owners to increase asset utilisation, lower costs and improve safety outcomes. Whip Around provides the source data for a wide range of fleet requirements and has forged strong industry partnerships to deliver exceptional results for their clients.
Read the story in NBR.
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