Puawaitanga & Kotahitanga Award Winners 2018

This year the Angel Association New Zealand’s Puawaitanga Award recognises the founder and investor-director who best exemplify what can be achieved when committed people draw on their collective skills and experience. This award celebrates an angel-backed venture achieving world-class success. This venture has excellent governance, a compelling business proposition and a well-defined strategy for exponential returns.

Puawaitanga – ‘best return on integrated goals’.

The Kotahitanga Award recognises those people in the angel community who have made an outstanding contribution to the industry. It acknowledges those who have selflessly given personal time and energy for a sustained period and contributed to the professionalism, profile and reputation of angel investment in New Zealand.

Kotahitanga – ‘unity and a shared sense of working together’.

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The Puawaitanga Award has been presented to Dexibit’s founder Angie Judge and investor-director, Dana McKenzie.

Dexibit analyzes visitor behavior and venue performance at the world’s visitor attraction institutions such as museums and galleries. Since Angie Judge founded Dexibit in 2015, the company has secured customers like the National Gallery in the UK and The Smithsonian in the USA and, here in New Zealand, the Auckland Art Gallery and Te Papa. Dexibit has won two prestigious High Tech Awards for Innovative Software and Best Technical Solution for the Creative Sector and been a finalist in a number of other categories. Dana McKenzie has Chaired the Board of Dexibit for the last three years and is a true champion for the company and its team, including Angie.

In making the award, Angel Association Chair, John O’Hara said Angie and Dana are great examples of what alignment and mutual support can achieve.

“No one scales value in a high-growth tech company on their own. To get traction both the founder and the investors need to be committed to the same end-point. This has clearly been the case with Dexibit. Dana and Angie have been working together to generate stunning progress in terms of revenue generation, customer acquisition and to secure capital to amplify that growth to support Dexibit to generate exponential returns for the investors and just as importantly, for the New Zealand economy,” he said.

The recipient of the Kotahitanga Award is Matu Managing Partner, Greg Sitters.

Greg has been involved with capital raising for early-stage deep-tech ventures in New Zealand for over a decade. He was an early employee at Sparkbox Ventures and then worked for its successor GD1, before setting up Matu. Matu was founded earlier this year to provide seed and early stage capital for disruptive scientific and IP rich startups. Greg has given countless hours of his time to literally hundreds of budding and early founders, including in his tenure as a long standing member of the Return on Science and Uniservices’ Investment Committees. Greg is a founding member of the Angel Association and served on the Council since its inception in 2008. In this role he has given freely of his time to dozens of professional development initiatives and to represent the early stage industry at events not only all over New Zealand but around the world.

“Greg exemplifies the generosity of spirit that imbues the New Zealand angel community. His depth of knowledge about what it takes to scale a deep tech venture is unsurpassed and has been invaluable to companies like HumbleBee, Lanaco, Objective Acuity and many more,” said John O’Hara.

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Investors have confidence in startup futures

The October issue of Startup Investment New Zealand Magazine is now available here.

In this edition, we shine a spotlight on Kiwi businesses that have earned a place on the world stage. To be successful, Kiwi startups have always had to think and act global from the outset but there’s now a number of factors helping these startups succeed in offshore markets, and often much earlier in their journey. We’re seeing a developing ecosystem of support including government agencies, networks and people with experience at scaling global businesses, as well as investors who have the confidence to support these innovative companies.

The data is supporting this investor confidence. Five times the number of startup organisations successfully raised over $1 million from local investors in the first half of 2018 verse the same period last year, according to the latest Young Company Finance Index. This year almost half of deals are co invested by two or more Angel clubs and funds. Why is the formula to achieve global success so critical? It means little old New Zealand can produce valuable companies winning on the global stage, which attracts investors and ultimately builds prosperity for us as a country.

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Key metrics for assessing an angel deal

This is a terrific article setting out key metrics to ask about when assessing an angel deal from David Jackson, a Committee Member of Sydney Angels Inc. Some great tips on how to be an effective angel investor are also embedded.

“Let’s say you have a brilliant idea for a startup.

You know your Hats-for-Cats app is going to take the world by storm. And while you may be half-starved, you have a whiteboard and a T-shirt with your logo on it, and the energy, guts, and grim determination to make it happen.

But the funds scraped together from friends, family, and savings for market research and a demo are now completely exhausted. The credit cards are completely maxed out. You’ve realised it may be time to find an angel investor who can lay enough runway for a developer and the go-live phase. The good news is: angels want to give you money. That’s our job.”

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A cow-whispering fitbit

The big farming news of the year so far has been an outbreak of the Mycoplasma bovis disease in cows, which forced the Government to come up with an $886 million eradication plan last month. But as this month’s Fieldays event showed, it’s not all bad news in our farming sector. When it comes to farm technology – or “agritech” as it’s known – New Zealand is a global leader.

A new report by Callaghan Innovation claims that “New Zealand is seen as one of four locations to watch for agritech solutions alongside Silicon Valley, Boston, and Amsterdam.”

I reached out to several agritech experts to find out why New Zealand is so well regarded internationally. Okay, we have a deep history of agriculture in this country. But it requires more than a pair of gumboots and the clichéd “number 8 wire” attitude to create advanced farming technology.

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Why you SHOULD be an angel investor… it’s all about portfolio management

Australian early stage angel investors often treat start-up investing like horse racing. They punt with money they’re willing to lose, but this approach has led to a lack of discipline and very poor returns.

They place a few bets based on a good jockey (founder), their form (prior success), the stable (team and advisers), horse (business), equipment (technology), running line (strategy) and weather conditions (market), but start-ups should not be treated as an adrenaline-shot gamble where the majority of investors lose their money and a few “lucky” punters make a killing.

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Third annual ‘Investor’s Guide to the NZ Technology Sector’

Rising domestic investment in New Zealand’s early-stage technology companies is creating more opportunities for follow-on investment from a growing number of international investors. This is according to the third annual Investor’s Guide to the New Zealand Technology Sector published jointly by the Ministry of Business, Innovation and Employment (MBIE) and theTechnology Investment Network (TIN).

The guide showcases New Zealand’s diverse range of high growth technology companies, innovation capabilities and supportive business environment, and presents a compelling case for investment in New Zealand’s technology sector.

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Angel investment rises 26% to reach record level

Startups in New Zealand received an unprecedented level of funding last year, with $86 million flowing into early-stage businesses across the country. That’s according to Startup Investment NZ, published by PwC New Zealand, the Angel Association of New Zealand (AANZ) and the New Zealand Venture Investment Fund (NZVIF).

“It’s exciting to see such a large number of deals coming through to support early-stage companies. We’re seeing investment levels that are almost three times what we saw just five years ago” said Anand Reddy, Partner at PwC New Zealand.

John O’Hara, AANZ Chair, endorsed this sentiment noting that membership of angel networks continues to grow with a new network established in Marlborough last year and a budding network getting started in the Hawkes Bay.

Established networks like Ice Angels in Auckland, AngelHQ in Wellington and Enterprise Angels in Tauranga are also experiencing growing memberships.

Driving the growth in investment dollars is an increasing number of larger deals in 2017, compared to the year before. The number of deals in 2017 held steady at 111 – one lower than the 12 months previous – the total amount invested has risen by $18 million, a 26% increase.

Offering some insight on the larger number of dollars being invested in a similar number of deals, John O’Hara suggested it reflected a maturing ecosystem.

“A number of the ventures angels have backed are now looking for larger capital injections to fuel their growth. With a thin VC industry, it’s not surprising we are seeing larger deal sizes.

John also offered a word of caution to investors and founders.

“The market’s a little frothy right now. We’re seeing some strong valuations. Entrepreneurs have to be sure they’re not setting the bar too high with their forecast results. If they fail to meet these, it’ll make it make it harder for them to get the next round of funding.

“And investors will be similarly impacted. Flat and down rounds do not impact well on portfolio return prospects.”

Click here to find out more about how the startup sector is evolving, and where it’s heading next.

Click here to dive into the data about this asset class.

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The network effect: NZ angel networks drive funding

Of the $86 million invested into young companies in 2017, over half ($49 million) came from angel investment networks, rather than individual funds or institutional investment.

“The strength of our angel investment networks in New Zealand is growing every day, which helps to explain why they’re responsible for a growing share of overall funding” says AANZ Chair John O’Hara.

“They’re responsible for over double the funding that’s coming through the next most-popular channel of angel funds.”

Raising funds from angel networks can take a little longer than other sources of early stage funding (such as mico-VCs and high networth individuals) given that sometimes over a dozen individual investors are collaborating to complete DD and gather the investment. Angel networks also tend to be run with a large component of voluntary input so founders and lead investors need to be committed project managers.

John notes that not only do networks tend to bring a larger pool of connections and expertise than single source funding options, they bring deeper reserves of connections for follow on funding.

“Angels are inveterate travellers and networkers and have connections in markets across the world which can be tapped for sales channels, in-market insights as well as follow on funding recommendations,” said John.

“Nothing beats getting on a plane with a line-up of carefully targeted meetings. New Zealand founders and investor directors need to spend more time in-market and be preparing for the founder to be based there,” John added.

He concluded by noting that lining up an in-market Board member was also an important component of scaling into offshore markets.

Click here to find out more about how the startup sector is evolving, and where it’s heading next.

Click here to dive into the data about this asset class.

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Software the top sector for NZ angel investors

More than half the investment made in early stage companies in New Zealand last year was in the software and services space (53.8%), followed by 17% in technology hardware and equipment.

“Technology is increasingly the engine of growth for all companies, regardless of size” explains PWC’s Anand Reddy.

“It’s no surprise that it’s these areas where the most activity is happening and where angel and early-stage investors are putting their energy. This reflects global trends too. Data generated by Crunchbase notes that the software and services remains the dominant sector for investment.”

Speaking personally, John O’Hara said that his own portfolio leant towards software generated ventures.

“I am particularly proud of Ask Nicely, which produces software for NPS (net promoter score) collection and analysis. This company has already generated tangible returns for a number of the early angel investors. The company is now scaling into the US, with the founder moving to Portland, Oregon in the last couple of months.

“New Zealanders have a knack for practical problem solution and we are increasingly seeing them turn this knack into compelling business opportunities,” said O’Hara.

Click here to find out more about how the startup sector is evolving, and where it’s heading next.

Click here to dive into the data about this asset class.

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Kiwi tech company raises millions for expansion

Kiwi technology company Feijipiao is expanding across New Zealand and eyeing other markets after closing a multi-million dollar angel investment round.

The company, founded in 2016 by Peter Li, is a Chinese language online travel business, offering flight bookings across multiple airlines in Chinese.

The website offers competitive fares and multiple payment solutions, in either Chinese yuan or New Zealand dollars, through automated search, booking, and ticketing processes.

The investment was headed by The Icehouse and Chinese-led angel fund Eden Ventures – its first investment.

Led by Chinese venture capitalists and entrepreneurs, Eden Ventures focuses on high performing start-ups, with specific interest in serving Chinese in New Zealand or enabling New Zealand founders to launch into the Chinese market.

The funding values Feijipiao at between $5 million and $10m, and would be used to hire staff, open its first New Zealand office in Auckland and fund further growth, as well as prepare the business for expansion into Australia and other markets.

The company was already bringing in revenue of about $900,000 per month, with Li saying he expected this to hit $1m in the coming few months.

Icehouse fund manager Jason Wang said both groups had invested based on Feijipiao’s growth in the five months since it launched, as well as the potential they saw for it.

“In three months, feijipiao.co.nz have transacted millions of dollars without a physical office, it’s all in the cloud.

“The results speak for themselves – this is a group of the right people doing the right thing in the right market.”

The company’s success had been helped by millennials influencing the purchasing behaviours of their parents, who tended to use more traditional travel agents Li said.

The investment would enable the company to continue its expansion as well as providing strategic value for the firm.

“Our team has built a strong foundation in New Zealand to prepare ourselves for expansion into global markets with established Chinese communities, and international students from China.

“By partnering with Eden Ventures and The Icehouse, we can tap into their expertise of forming long-term growth strategies for global expansion, and supporting technology driven companies.”

First published on nzherald.co.nz on 15 Sept 2017

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2017 Angel Summit focuses on next 10 years

The tenth Annual New Zealand Angel Summit will be held at Cable Bay Winery – Waiheke Island from 1 – 3 November 2017. It’s theme; “Doubling down on success… the next ten years!”

New Zealand is now decade in to formal angel investing in New Zealand and has amassed some impressive statistics for a nation of our size. Over $500m into nearly 1000 deals in the more formal part of our market. Ten years ago there were 4 clubs and 100 or so angels. Today there are 10 clubs and over 650 angels. All this activity has delivered hundreds of jobs and tens of millions of revenue. It’s this value creation we want to continue to accelerate.

Ten years ago there were 4 clubs and 100 or so angels. Today there are 10 clubs and over 650 angels. All this activity has delivered hundreds of jobs and tens of millions of revenue. It’s this value creation we want to continue to accelerate.

The 10th Annual NZ Angel Summit is being held back where it all started at Cable Bay Winery on Waiheke Island. The choice of the small intimate venue continues the deliberate approach by the Angel Association to ensure it creates the right atmosphere for relaxed and informal conversations between active angel investors. The last two summits have sold out and it unapologetically prioritises attendance for those who are ‘doing deals’.

On the first morning the Summit will celebrate our community of investors and founders and their achievements in the past decade. There is so much to be proud of. The rest of the event will be spent digging into what we need to do to double down on our successes based on stories and insights from New Zealand’s heroes. International speakers, carefully vetted for their ability to both understand New Zealand’s unique circumstances and our aspiration for outcomes and success are flying in to present.

Showcasing Angel Investor Backed Ventures

The Showcase event which kicks off the event will include up to 10 venture in three tiers; seed, first formal round, last raise with a clear exit path. Each group of ventures will be introduced by an experienced angel investor who will talk about the investment opportunity, the return profile, valuations and potential acquirers.

New Zealand Investor Keynotes

Key Note sessions will include deep insight into what we can be proud of and what’s next. Stalwart investors will share memories of getting started – what was their vision and what inspired them, their challenges and what we need to do in the next decade to ensure value is delivered. These sessions will explore why our environment looked as it did 10 years ago, how far we’ve come and how we build on what we’ve created and set the vision for the next 10 years.

International Angel Investors

International special guests include Justin Milano (Good Startups, San Francisco, USA) who will explore the role of fear in the early-stage space. A veteran of Silicon Valley, Mr Milano has worked with angels and entrepreneurs to use cutting edge psychology and neuroscience, including emotional intelligence skills to help entrepreneurs and angels create break-throughs and unlock potential. Ron Wiessman (Band of Angels, San Francisco, US) will deliver a dose of reality exploring the critical the role of capital strategy and how tough it can be to source and entice an acquirers.

Actionable Insights

The extensive programme includes gritty content which covers; building strategic value, actively managing your portfolio for returns, Government’s role – identifying the right policy levers, the role of NZ corporate venture, and deep dives into term sheets – how have they have evolved and what role do they play in venture success lead by AANZ Expert Partner, Avid Legal’s Bruno Bordignon. Insight into which industries and technologies are going to irrevocably disrupt markets in the coming decades and make the best investment opportunities round out the valuable programme.

Finally, the event will also include the presentation of Arch Angel Award and two inaugural awards “Contribution to the industry” and “Lead angel and best venture award” – celebrating a great angel/founder collaboration.

To book your seat (preference is given to active angel investors) click here.

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Christchurch agritech company CropLogic launches prospectus

Christchurch agritech company CropLogic’s​ long-awaited plans are coming to fruition with the launch of a prospectus to raise A$8 million (NZ$8.45m)

Chief executive Jamie Cairns will lead a roadshow presentation in New Zealand and Australia over the next fortnight.

CropLogic helps improve crop yields by combining research and technology with field support teams to provide
accurate advice to growers.

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NZ tech sector attracts record offshore investment

New Zealand’s technology sector saw record growth in funding, driven by overseas investors in the year to March, according to the second annual Investors’ Guide to the New Zealand Technology Sector.
“The tech sector is New Zealand’s third largest exporting sector, contributing $16 billion to GDP (gross domestic product) and it is growing fast,” Economic Development Minister Simon Bridges said in a statement. “It presents multiple opportunities for New Zealand and international investors.”

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Investor Activity in NZ Tech Sector Continues to Intensify

Auckland, May 9, 2017 – Investment in New Zealand’s technology companies continues to rise, with record amounts of funding coming from offshore investors, according to the second annual Investor’s Guide to the New Zealand Technology Sector published jointly by the Ministry of Business, Innovation and Employment (MBIE) and the Technology Investment Network (TIN).

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Robots to rescue booming kiwifruit crop volumes

With SunGold kiwifruit volumes set to double by 2021, chances are that by then growers struggling to find pickers for a timely harvest will be reaching for a robotic solution.

Dr Alistair Scarfe and his colleagues at Robotics Plus based at Te Puna’s Newnham Park Innovation Centre are well down the track developing a robotic kiwifruit picker that should arrive on the market as kiwifruit volumes start to ramp up strongly.

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Investor Activity in NZ Tech Sector Continues to Intensify

TIN100 and MBIE launch second annual “Investor’s Guide to the New Zealand Technology Sector”
Auckland, May 9, 2017 – Investment in New Zealand’s technology companies continues to rise, with record amounts of funding coming from offshore investors, according to the second annual Investor’s Guide to the New Zealand Technology Sector published jointly by the Ministry of Business, Innovation and Employment (MBIE) and the Technology Investment Network (TIN).

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Kristen Lunman: Taking a chance on financial technology

In a little under three weeks, Kristen Lunman will know if her hard work supporting seven technology start-ups has paid off.
All seven are financial technology ventures – “fintechs” in the jargon – and the immediate challenge is to get them to the point where they are ready to seek investment.
As the programme director for New Zealand’s first fintech-focused business accelerator programme, the pressure is on in the countdown to demo day. That’s when the teams will pitch their business plans and – they hope – attract the crucial dollars that will enable them to forge ahead.
Lunman is no stranger to taking big chances.
The 39-year-old expat Canadian moved to Wellington six years ago with her husband and two pre-school children after falling in love with the country when the couple honeymooned here.
So when the kids were two and three we packed our suitcases up and moved,” she says.
They chose Wellington because it suited both her and her husband’s career ambitions.
“Ironically, my husband is in banking and I am in fintech.
“I have always been entrepreneurial-spirited and my husband is risk-averse.”
But together they make a good team, she says.
With a background in marketing, Lunman initially worked for property data company CoreLogic before shifting to online video review start-up Wipster.
Lunman says it was the time she spent there that enabled her to understand this country’s start-up sector.
“I got really got entrenched in the New Zealand start-up ecosystem,” she says.
Then the role with business incubator Creative HQ came up, to co-ordinate Kiwibank’s Fintech Accelerator programme ,and she jumped at the chance.
She says it’s about “being part of the movement … taking an entire sector looking at financial problems and looking at ways to solve it.
“It is not just about the three-month journey – the vision for the programme is actually as a catalyst to bring the financial ecosystem together.”
Lunman moved into the role in December, before the programme’s launch, and helped whittle down the more than 70 teams which auditioned for a place.
Nine teams made the final cut but already two have dropped out – one early on because of a family bereavement, and the other just last week after it became clear their idea was not going to be viable to take to market.
She says losing teams along the way is a normal part of the process, and “it’s better to do so before they get funding.”
Out of the seven teams, two are corporate – working on ideas put forward by Kiwibank and Xero – while the other five are what she calls organic.
The 12- to15-week programme is based on an American system which has been tailored to New Zealand and provides intensive mentoring.
The teams have to live in Wellington and commit fully to the experience during the three months.
I got really entrenched in the New Zealand start-up ecosystem.
Kristen Lunman, programme director for Kiwibank FinTech Accelerator
The ideas range from a team who want to make it easier and cheaper to transfer money to the Pacific Islands, to a wealth management team called Sharesies who want to make it simpler for anyone to invest with as little as $50.
Another team wants to work with property managers to improve their rental experience, while a fourth is proposing to offer businesses “robo-advice” on insurance.
Another hopes to take real accounting data from businesses and present it to students to help them get real-life experience of managing businesses, before they head out to get a job.
Lunman’s job is to focus on what the teams need in order to accelerate their good ideas into the market. That typically involves a pilot test which allows them to work on gaps and problems.
She says one of the unique challenges for fintechs is that the sector is highly regulated, so not only do their business concepts have to work, they also have to meet the regulations.
“We have been working very closely with the FMA (Financial Markets Authority) and MBIE (Ministry for Business, Innovation and Employment).”
Lunman hopes that at the minimum, half of the teams will be at an investable stage by May 19, but ideally they would all be there.
Initial investments for start-ups are typically in the $500,000-$700,000 range and will come from a variety of sources including angel investors – individuals who are sufficiently well-off to take a punt on a start-up venture.
Lunman says the key ingredients for a promising start-up include having a passionate team that wants to solve a problem, and a market to take the solution to. But even then it can be hard to get a new venture over the line.
“It is not an easy road. Timing, ownership – all sorts of things have to come together.”
She doesn’t believe that having a financial background is necessary for start-up fintechs, and says some people have been successful without it.
“It’s just everyday Kiwis and businesses that have access to technology. I’m not convinced it has to come from the banking environment.”
She points to Apple Pay as an example, where technology has provided a money solution.
So far there hasn’t been a lot of disruption in New Zealand’s fintech sector.
Online crowd-funding platforms have opened up alternatives for both businesses and individuals to raise money, but they remain tiny in comparison with the major banks. And robo-advice – low-cost online financial advice based on algorithms – will be allowable here next year, after a law change that is now in the pipeline.
But Lunman says disruption is near-impossible in New Zealand.
“Banks have all the money and the customers,” she points out.
Instead, she believes there will be more of a move towards collaboration.
“Banks certainly recognise the need to innovate,” she says, but their silo approach and size make it hard for them to move quickly and introduce innovations.
“I think banks are looking to fintechs and recognising they do need to work with them.”
In Australia, Lunman says three major banks have already set up fintech hubs to work with and there are 15 fintech accelorator programmes.
Here, Kiwibank has been the first to back a fintech programme, but Lunman says others are talking about it.
This isn’t a 9 to 5 commitment. We live and breathe what we are doing.
Kristen Lunman
“I think we have got some work to do in terms of engaging some of the major players – other banks/insurance players.
“They are starting to discuss it but it will take some time.”
Despite the slow start, she believes collaboration will take off over the next five years. Regardless of the challenges, Lunman believes New Zealand has the opportunity to become a fintech hub.
New Zealanders are much more open than many people to using technology to help with their finances, she says, and points to our past as early adopters of eftpos technology.
“In North America they were still using cheques when I left.”
She says being in New Zealand presents no greater challenge for fintech start-ups than being in any other part of the world.
“I don’t think there is a greater challenge – it’s just different. A start-up is hard in any ecosystem.”
She points to Finland and Denmark – smaller countries which have thriving tech start-up sectors.
“They are small so they had to go global first.”
While those countries have Europe at their door, New Zealand has Asia, Australia and the US. “They are just different challenges really.”
As for what will happen to her after the programme, she doesn’t know yet but is confident she wants to keep working with start-ups.
“For myself personally that is to be determined. I know I want to stay in the start-up space. I would love it to be fintech.”
And while the programme is the first to focus on fintechs she doesn’t believe it will be the last.
“I don’t believe this is a one off.”
Kristen Lunman
• Job: Programme director for the Kiwibank Fintech Accelerator
• Age: 39
• Originally from: Canada
• Education: Bachelor of Commerce degree majoring in marketing and international business from the University of Northern British Columbia
• Family: Married to Kyle and has two children: Adelyn 10, Grayson 9
• Last movie watched: The Lego Batman Movie
• Last book read: Americanah by Chimamanda Ngozi Adichie and The Undoing Project by Michael Lewis
• Last overseas trip: To Vietnam in 2016 as part of a New Zealand tech delegation to explore the tech scene in South East Asia.
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CropLogic prepares for ASX listing

CropLogic, a Christchurch-based developer of technology, allows farmers to more accurately control inputs such as fertiliser and water by modelling plant growth by gathering field data and making crop prescriptions and management recommendations. The company has already raised just over $1 million including $512,000 via crowdfunding platform Equitise, plans to raise AUD$3 million in an initial public offering and list on the ASX.

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Apple robot up for angel investment

A Tauranga company is ready to take its apple packing robotics offshore and help remove the headache of finding staff to do mundane work.
The automated apple packing machines place apples in trays ‘‘colour up’’ with the stems aligned, using sensors, software and electromechanical technology, and are expected to remove some of the monotonous work that apple packhouses find difficult to staff.

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Robotic apple packing developed by NZ company Robotics Plus ready to go offshore

A Tauranga company is ready to take its apple packing robotics offshore and help remove the headache of finding staff to do mundane work.

The automated apple packing machines place apples in trays “colour up” with the stems aligned, using sensors, software and electromechanical technology, and are expected to remove some of the monotonous work that apple packhouses find difficult to staff.

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CropLogic hires Novus Capital for A$3M IPO prior to ASX list

CropLogic, a Christchurch-based developer of technology that allows farmers to more accurately control inputs such as fertiliser and water, plans to raise A$3 million in an initial public offering and list on the ASX.

The company, which has already raised just over $1 million including $512,000 via crowdfunding platform Equitise, says it hired Sydney-based Novus Capital to lead manage the IPO. CropLogic’s biggest shareholder is Christchurch-based, ASX-listed technology incubator Powerhouse Ventures, with about 43 percent, while government-owned NZVIF Investment holds about 17 percent.

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Tech innovators pitch their wares at agribusiness showcase

Agritech innovators bathed in the spotlight at the latest Agribusiness Showcase near Palmerston North as they pitched their wares to investors looking for the next best and most profitable thing.

The occasion marked the fourth year of the showcase, sponsored by New Zealand Trade and Enterprise and the ASB, this year with a focus on 12 companies working on environmental and precision technologies.

“These companies show tenacity and courage, it’s been quite inspirational to work with them,” said NZTE investment leader Quentin Quin.

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Caldera founder Jim Watson loses cancer battle

Jim Watson, whose personal battle with prostate cancer led him to co-found Caldera Health, has succumbed to the disease but investors are showing confidence in the company’s gene testing technology by converting options into shares.

Watson, who had been a scientific and management adviser up until the end of 2016, died on Feb. 13, Caldera’s chief executive Rob Mitchell has confirmed. Watson co-founded the company with Richard Foster, who had also been diagnosed with metastatic prostate cancer and died in January 2014.

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First rocket ready to rumble

Rocket Lab’s first Electron vehicle has arrived at its launch site south of Gisborne in what the New Zealand company says is an important milestone for the space industry.

The historic test launch will take place in ”the coming months”, dependent on equipment testing and weather on the Mahia Peninsula.

Pre-flight checks would now start on the 17m tall rocket – with a call sign chosen by staff: ”It’s a Test.”

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A leading VC partner explains what’s missing from Australia’s tech startup scene

It’s been just over 100 days since I relocated back to Australia to join the incredible gang at Airtree Ventures.

I had previously worked with the London-based Summly until our acquisition by Yahoo (California based), and then as a venture investor at White Star Capital (New York and London based). As a result of these experiences, I was privileged to have an insider view on the growth of the London and New York tech communities.

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Wool a way forward in filter technology

Not-so woolly thinking has gone into developing technology touted as having the ability to improve global health.

Auckland-based Texus Fibre recently signed an investment and distribution agreement with another Auckland company, Healthy Breath Ltd, which would have the wool-based Helix Filter from Texus used in a new generation of urban masks marketed to Asian consumers.

Specifically-bred sheep, developed by Wanaka man Andy Ramsden, would be used to provide the wool.

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Skin is the game for Kiwi regenerative medicine spinoff

AUCKLAND: Patients suffering major burns may eventually benefit from the launch of a new regenerative medicine company, Upside Biotechnologies, which is developing an advanced, world-class skin replacement treatment in Auckland.
Regenerative medicine develops methods to regrow, repair or replace damaged or diseased cells, organs or tissues to restore or establish normal function. The global regenerative medicines market is projected to reach US$30 billion by 2022.

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Movac Fund 4 reaches first close at $105 million

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Movac Fund 4 reaches first close at $105 million

Movac Fund 4 has raised $105 million to invest in the next generation of iconic Kiwi technology companies.

The Fund is underpinned by $75m in investment commitments from institutional investors including Ngāi Tahu Holdings, with the balance coming from the New Zealand Venture Investment Fund, leading New Zealand family offices, community trusts, and private investors.

Movac Fund 4 will be investing in established New Zealand technology companies that are seeking capital to accelerate their growth.  These are companies with an established track-record of sales, a team in place to grow the business, and the ambition and potential to scale their business internationally.  This is a later stage fund than Movac’s previous funds.

Phil McCaw, Movac Managing Partner, commented: “We are really encouraged by the commitments from all of our investors, and in particular our new cornerstone investors who have recognised the significant investment opportunity that exists in the New Zealand technology sector right now.”

“Importantly, we have a strong pipeline of potential investments for Movac Fund 4.  We have already been meeting with and conducting due diligence on various opportunities, and are very impressed by the quality of the companies that we’re seeing.  We anticipate that we will make Fund 4’s first investments prior to Christmas.”

Ngāi Tahu Holdings Chief Executive, Mike Sang, commented: “Ngāi Tahu Holdings is excited about the addition of Movac Fund 4 to our portfolio.  We are looking forward to our new partnership with the Movac team and the added diversity the investment brings us from its focus on investing growth capital in the technology sector.”

Mr McCaw added: “As a team, we have 55 years of collective investment experience and we believe that we are uniquely placed to invest in and help accelerate New Zealand technology companies.  Our Fund 4 investors include a number of highly successful founders and business builders, experienced investors, as well as family offices and investment funds.  We also have a number of investor migrants investing in Fund 4.  We would like to thank them for their commitments, and look forward to working with them to grow the next wave of iconic Kiwi companies and delivering an outstanding investment return.”

Movac Fund 4 remains open for eligible investors until its final close in April 2017.

ENDS
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Minister Chagger issues a call to action on women entrepreneurship in Canada and announces $50 million to help businesswomen access capital

Women entrepreneurs from across Canada gather to talk about growing their businesses and accessing new markets
November 9, 2016 – Toronto, Ontario – Innovation, Science and Economic Development Canada
Today, the Honourable Bardish Chagger, Minister of Small Business and Tourism, is hosting the Canadian Women’s Entrepreneurship Conference in Toronto. The Minister invited businesswomen from across the country to come together to share ideas on how more Canadian women business owners can be globally successful. Addressing a crowd of over 200 inspiring women entrepreneurs and the organizations that support them, the Minister issued a call to action to increase the number of women starting and running their own businesses.

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Tech incubator Powerhouse Ventures makes two new investments

ASX-listed Powerhouse Ventures has committed to invest up to $450,000 in a new ed-tech software company spun out of Victoria University’s Faculty of Education in Wellington in conjunction with Macleans College Auckland, as its share price languishes 30 Australian cents below its market debut last month.

The deal comes as it’s also about to announce its first ever investment into a spin-out from the University of Auckland – Objective Acuity, that has developed a revolutionary eye technology.

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