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

 

Top startup Genoapay attracts record accelerator investment

Top startup Genoapay attracts record accelerator investment

GENOAPAY, a new way of paying for services that gives consumers what they need immediately while paying over ten weeks without extra cost, has just attracted record investment after demonstrating its wares following the Flux Accelerator Programme co-funded by Callaghan Innovation.

Hēmi Rolleston, Callaghan Innovation’s General Manager Sectors, said it was a great outcome for the company, and a compelling example of the value accelerator programmes can add to startups.

“Our accelerator programmes are key to our work helping liberate innovators, connecting them to the networks, capability and funding they need to make their ideas happen,” Mr Rolleston said.

Genoapay founder Shaun Quincey said he pitched his product to investors at Demo Day after the six-month Flux Accelerator Programme delivered by The Icehouse. He raised $1 million – a record for a New Zealand Demo Day pitch, and considerably more than he thought would be possible.

He said he always had faith in his product and team, “a solution for consumers who can afford to pay, but just not all at once. Essentially it allows ten weekly payments at no cost for the services like automotive, dental and vets which people need. We think is a very good alternative to high-interest short-term loans. And there’s no risk to merchants because we pay them every week less our commission.”

“It’s no surprise Genoapay attracted the support they did,” Robbie Paul, Head of Startup at The Icehouse, said. “They have many of the features that our investors and our funds are looking for in startups: they’re targeting a market that needs disrupting and they’ve attracted support and interest from key users and supporters in the ecosystem. Superseding all of that, we put our own money in based on our experience of observing Shaun over nine months. He driven, passionate, very knowledgeable about the ecosystem he’s targeting, and just generally a great guy to be around.”

The Icehouse invests in and add value to high potential New Zealand startups. Through its Flux Accelerator Programme, The Icehouse invests capital, time, technical support and mentorship into six to eight startups each year, and works closely with them over six months as they scale their companies and raise capital.

Mr Quincey said the Flux Accelerator enabled him to take Genoapay to the next level. “Working as a solo founder can be lonely and unproductive, which leads to the failure of hundreds of great prospective companies. You can go for it by yourself – and some do, and succeed - but I found it a much more fulfilling process going through the accelerator.”

“It put us in an accountable, competitive and highly-focused ecosystem to get the best out of us and help us build a top-performing organisation. Generally these aren’t things you get working on your ideas in isolation.”

Mr Rolleston said Genoapay’s success was not only exciting for the company but a great indicator of the health of New Zealand’s innovation ecosystem. “Smart ambitious tech companies are key to New Zealand succeeding as the world faces unprecedented technological change. We need them to succeed at innovation so we can grow and diversify our economy, and give New Zealand the future it deserves."


ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Industry Report: Growing Interactive Sector Wants Screen Grants

Introducing a coordinated plan that invests in emerging talent and allows interactive media to access existing screen industry programmes would create hundreds of hi-tech and creative industry jobs. More>>

ALSO:

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: