MyWave completes first round fundraising

MyWave completes first round fundraising

Auckland, 28 April 2014. Personal cloud software startup MyWave has completed a first round private capital raising of NZ$2.5 million to fund ongoing software and market development, preliminary to a planned NZX listing application in 2015.

MyWave CEO Geraldine McBride says the offer sought to raise $NZ1.5 million, with the option to accept over-subscriptions up to $2.5 million.

“There was very strong investor interest in the offer,” she says. “MyWave is now well funded to achieve our immediate business objectives. These include further development of the MyWave customer-managed relationship (CMR) platform, which is now ready to deploy to customers in New Zealand and Australia. Our priority is to have a core group of customers up and running prior to our listing application in 2015.”

With MyWave, people connect with their favourite companies and brands through a unique personal cloud-based personal assistant running on their preferred mobile, tablet or web device. The intuitive MyWave experience provides a framework for individuals to have one-on-one relationships with their selected companies and brands.

MyWave provides the secure private environment where individuals can own and update their own data and choose to share that data – and their buying intentions and preferences – with trusted businesses and brands.

McBride says MyWave is receiving strong interest from enterprise businesses, which view MyWave as ‘on trend’ for the market opportunity of connecting directly to the end customer, with up to the minute accurate customer data, creating new opportunities for business growth.

“Our first customers will be in industries that are being digitally disrupted and striving to build enduring relationships with their customers to increase sales, loyalty and reduce the cost to serve,” she says. Early adopter industries include banking, insurance, retail, travel/hospitality, loyalty and entertainment.

These enterprise prospects understand the need to give customer data back to their customers, McBride says. By doing so, they reduce their cost to serve and in return receive real and timely insights into customer needs. Customers own and maintain their information and share it back with the enterprise as a way of informing it about their specific needs, intents and preferences. This enables the enterprise to serve them better.

The MyWave platform allows enterprises to offer targeted, highly-tailored promotions, relevant advertisements and new value-added consumer services. For instance, a bank could offer money management services to its retail customers. An insurer could action cross-selling campaigns to offer customers a wider range of insurance products, based on detailed knowledge of what individual customers need and want.

The bottom line with MyWave, McBride says, is providing the means for brands and consumers to have a relationship that generates mutual value and makes people’s lives easier.

MyWave’s Chief Technology Officer, James Ladd, says MyWave is in the market for software developers with experience in cloud-based applications and user interface development to join the core Melbourne-based development team, as well as in New Zealand.

About MyWave
Founded in 2013 by former SAP North America president Geraldine McBride, MyWave is headquartered in New Zealand with a development team in Melbourne. The company’s MyWave CMR platform is a ‘next generation’ CRM (customer relationship management) solution delivered via the Software as a Service (SaaS) model. MyWave uses Personal Cloud technology so end users can own and update their own data based on their own preferences and buying intentions. See www.mywave.me for full background.

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