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


Crowdfunding offer in NZ completes in less than two weeks

First equity crowdfunding offer in NZ completes in less than two weeks

The first capital raising offer through equity crowdfunding in New Zealand history has successfully completed after less than two weeks of opening to the public. Renaissance Brewing reached its initial funding target of $600,000 on Thursday, and yesterday reached its stretch target of $700,000.

Josh Daniell, Snowball Effect Head of Platform and Investor Growth, says the success of the Renaissance offer clearly demonstrates the public appetite for investment in small-to-medium enterprises (SMEs).

“This is an important milestone, for both SMEs and Kiwi investors, and a vote of confidence in a new way of raising capital for growth-focussed companies, such as Renaissance,” Daniell says. “The fact that the funding target was achieved in such a short space of time is a definitive endorsement of both the quality of the offer and equity crowdfunding itself.”

Renaissance chief executive Brian Thiel says the brewers are thrilled at getting over the line in less than a quarter of the offer period: “We’ll be celebrating tonight and I guarantee you it won’t be with bottles of champagne – we’ve got better stuff with which to toast our new shareholders.”

Renaissance plans to invest the capital in boosting its production capability and developing new markets in Australasian and overseas territories, including the US, Canada, UK, mainland Europe, Malaysia, Hong Kong and Japan.

Daniell says the successful Renaissance offer shows how opening up the capital markets to include a wider range of investors can make a big difference: 287 investors with an average investment just over $2,400; two investments over $50,000; and the smallest of $500 (the minimum investment). Investors flocked to the offer from across the country, with over 40% of the investors located in the South Island.

Daniell says that creating a central market for such investments brings efficiency for both companies and investors.

“We’ve been building the platform for over two years and were told time and time again by companies that they want an efficient method of raising capital so they can focus on growing their businesses,” he says. “This first offer was an excellent showcase of what can be achieved.

“The uptake is that several hundred entrepreneurial investors have now taken a stake in a wealth-creating Kiwi asset and have the opportunity to share in its success. We’re excited to see what Renaissance can do with this groundswell of support behind them.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news