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

 

Student Deals App Niesh Secures $1 Million in Funding

Company readies to reach more universities

AUCKLAND – 20 November 2018 – Niesh, a mobile app company that connects businesses to New Zealand students, has secured $1 million in funding at a valuation of $10 million to expand their service nationally.

The funding, provided as a convertible note, allows Niesh draw down on up to 100 percent of the funding via releasing shares equitable to the amount. The loan duration extends to 20 November 2020 and draw down tranches on the note may be taken in any amount.

Niesh is currently funded by a sole private investor, Bill Smale. Mr Smale was the foundation investor and has remained its financial backer and business mentor since April 2016.

“The capital injection was a simple decision based on two drivers,” says Mr Smale. “Firstly, I am convinced of company’s ability to deliver an industry leading application, as evidenced by the traction behind their platform. Secondly, the business has the potential to disrupt the education industry globally – this is only the start of a much bigger vision that I believe will be realised.”

Founded by Jae Yoo and James Koo, Niesh is New Zealand’s fastest growing student community. The Niesh app has over 32,000 downloads, an active user base, and continues to see rapid growth in student acquisition and business partners.

Niesh has created more than a vibrant community of students on its way to success. It also boasts one of the largest Kiwi student databases.

“We’re a data driven company, and we’re using what we know to benefit students and the companies giving them rewards, discounts, and jobs.” said Jae Yoo, director and co-founder of Niesh. “Our vision is to create the biggest student platform in New Zealand. We’re growing extremely fast and as we expand to other regions we’ll reach every student in New Zealand. And reaching students is made easier thanks to the breadth of our business partnerships, of which we have more to be announced soon.”

The company’s next step is reaching more universities and getting more students on the app. Niesh currently focuses on Auckland and Wellington, making student lives easier by partnering with and providing benefits from brands like Burger King, STA Travel, and Education New Zealand.

Niesh is poised to deliver on the national roll out of their smartphone app, which is available on both the App Store and Google Play.

“The student market is the premiere spot for reaching the ultimate influencing market, the fashion, technology, and beauty for 18 to 25 year olds. It’s a fickle segment that many have tried and failed to capitalise on. Niesh is curating an ecosystem that understands and rewards students with what they need most – financial relief and job opportunities. That premise will endure the test of time,” said Mr Smale.

You can find a high res version of James Koo, Bill Smale, and Jae Yoo here.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: NZME 'In Discussions' To Buy Stuff

NZME confirms that it is in discussions with Stuff’s owners Nine and has put a proposal to the Government regarding a possible transaction. However, NZME notes that these discussions are preliminary... More>>

Consultation: Plan Of Action To Protect Seabirds

The draft National Plan of Action plan outlines the Government’s commitment to reducing fishing-related captures of seabirds, with clear goals and objectives, supported by an implementation plan. More>>

ALSO:

Housing Issues: Fairer Rules For Tenants And Landlords

The key changes include: - Limit rent increases to once every 12 months and banning the solicitation of rental bids by landlords. - Improve tenant’s security by removing a landlord’s right to use no cause terminations to end a periodic tenancy agreement... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment remains around its maximum sustainable level while inflation remains below the 2 percent target mid-point but within our target range... More>>

ALSO:

Food Prices: Avocados At Lowest Price In Almost Three Years

Avocados are at their cheapest average price since February 2017, with tomato, lettuce, and cucumber prices also falling, Stats NZ said today. More>>