Punakaiki Fund capital raising ahead of expectation

Punakaiki Fund capital raising ahead of expectation

Punakaiki Fund use of crowdfunding site Snowball Effect may have raised eyebrows but it’s paying off with the Fund attracting investment ahead of expectation, says founder Lance Wiggs.

Punakaiki Fund invests in early and growth stage New Zealand-based technology and design-led businesses and planned to raise a minimum of $200,000. Currently the round has raised in excess of $1.2 million and still has nearly 12 days left to run.

“This is ahead of our expectations at this point in the fund raising round and I’m delighted to see such interest,” says Wiggs.

Punakaiki has raised around $4 million through since April 2014 and has invested in ten newly-emerging companies in the tech sector.

“We look for companies that understand their end users and have develop products and services that fit their needs, and we want to see evidence of exponentially growing revenues”, says Wiggs. “We place the founders at the centre of our approach, and see that our job is to support them with funding and advice (if they want it) to help them grow their businesses and extend their own capabilities.”

With the additional funds, Punakaiki hopes to re-invest into some of their existing portfolio of companies and find new companies to invest in.

“We are somewhat overwhelmed with high quality opportunities, and so we are being very selective as we place this round of funds” says Wiggs.

ENDS

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