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

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news