Icehouse Lightning Lab start-ups pitch to 300 investors
More wonderful ‘angel food’ being delivered by Lightning Lab. Congratulations to all those involved and best of luck to the companies for successful first rounds.
More than 300 investors are being offered the opportunity to invest in their choice of nine Auckland technology start-ups.
Auckland’s first Lightning Lab programme comes to a head at Spark’s headquarters on Thursday night as start-ups in a Dragon’s Den-style pitch their businesses to investors in the hope attracting funding.
The start-ups in the programme are Wearit, BrokerBetter.com, Justly, Roll, Designer Wardrobe, Logicore, Preno, Future Insight and Estimeet.
All up they were looking to raise a combined total of about $2 million, MacLeod- Smith said.
Lightning Lab gives selected start-ups $18,000 equity in exchange for an 8 per cent stake in the business.
The Lightening Lab is a digital accelerator programme run in partnership with incubation hub The Icehouse.
Founded by Wellington incubator Creative HQ, Lightning Lab mentors digital start-ups over 12 weeks, providing them with the skills and support to launch their businesses.
Auckland Lightning Lab programme organiser Mark MacLeod- Smith said each start-up was given eight minutes to stand up and sell their company, during which time investors were not able to ask questions.
After all the pitches had been presented the start-up owners networked with investors who then carry out due diligence over several weeks before deciding to invest in any of the companies, MacLeod- Smith said.