Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news