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Snowball Effect gains momentum as competitor joins its ranks

19 March 2014

Snowball Effect gains momentum as competitor joins its ranks

Snowball Effect today announced it has signed a partnership agreement with the founders of Backable, which will see Backable referring all its members to New Zealand’s leading equity crowdfunding platform.

Backable co-founder, J’aime Laurenson said his team were excited to now be working alongside Snowball Effect, which is due to launch next month when the relevant provisions in the Financial Markets Conduct Act come into effect.

Equity crowdfunding allows entrepreneurs and companies seeking new capital to access up to $2 million in funding in exchange for equity by pitching business and growth plans to the public via an online portal. It is simpler and cheaper than a regulated Initial Public Offering, and allows mum and dad investors to access this high-growth sector in New Zealand.

“Both Backable and Snowball Effect share the same vision and it makes commercial sense to work together as partners,” Laurenson says. “Snowball Effect’s vision is of a New Zealand economy, fuelled by emerging businesses, and backed by everyday Kiwi investors – we want to help make that happen.”

Tom Batterbury, another co-founder of Backable, said that there had been significant interest in equity crowdfunding in New Zealand. “We had great support from investors and businesses wanting to use equity crowdfunding to grow the economy, expand opportunities for small businesses and entrepreneurs, and provide investment opportunities for everyday Kiwis,” says Batterbury. “We’re hoping that they will now throw their support behind Snowball Effect ahead of its launch.”

Snowball Effect co-founder and director Simeon Burnett says the partnership arrangement is great news, and would help the equity crowdfunding platform accelerate its momentum and achieve critical mass.

“We’re really pleased to welcome on board the Backable team as we build towards launch,” Burnett says. “Equity crowdfunding will change the way small businesses and entrepreneurs access funding, and will democratise access to exciting investment opportunities for everyday Kiwis.”

ENDS

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