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.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Constructions Builds: Consents Top $2 Billion For The First Time

Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016. More>>

Other Stats:

Health: Work Underway To Address Antimicrobial Resistance

As part of a global response the Ministries of Health and Primary Industries have today jointly published ‘Antimicrobial Resistance: New Zealand’s current situation and identified areas for action’ to respond to the changing pattern of antimicrobial resistance in New Zealand. More>>

ALSO:

Employment: Vodafone Announces Family Violence Policy To Support Team

From today, any of Vodafone’s 3,000 workers affected by family violence will be eligible for a range of practical support, including up to 10 additional days of paid leave per year. More>>

Burning Up Over Saturn: Cassini's Grand Finale

With propellant running low, NASA scientists are concerned that the probe might accidentally crash into one of Saturn’s nearby moons, which could contaminate it with Earthling bacteria stuck to the spacecraft. Instead, the spacecraft will be safely "disposed" in Saturn's atmosphere. More>>

ALSO:

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news