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

 

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news