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


Renaissance gets to $700k target early

Crowd-funding craft brewer Renaissance gets to $700k target early

By Pattrick Smellie

Aug. 24 (BusinessDesk) - Blenheim boutique beer brewer, Renaissance, has wooed small investors to fill its order for $700,000 of new capital in just a week and a half, a quarter of the time the novel offer was open for punters to commit funds.

Offered on the Snowball Effect crowd-funding platform, Renaissance sought between $600,000 and $700,000 for a range of specific capital investments in new equipment and marketing efforts to help cement its place at the high end of the New Zealand craft beer market, as well raising as funds for exploratory export sales and marketing.

The company hopes to build profitable exports to Australia, Europe, the United States and Asia in a four year plan outlined in the short-form investment statement required under the new Financial Markets Conduct Act for small businesses raising small amounts of equity and seeking to avoid the costs and disciplines of a continuous disclosure and a full stock exchange listing.

Shares were offered with a $500 minimum investment at $2 apiece for 12.28 percent of the company through Snowball Effect, the first of two crowd-funding platforms to be licenced by the Financial Markets Authority.

Existing shareholders in the company cancelled $147,000 of reported profits retained by the company to make the investment "more attractive."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news