Punakaiki Fund Update: new investment, extended offer

Solid progress continues
We have now received over $1 million in applications for the the December 2015 Offer, with over $800,000 received directly and $231,000 via the Snowball Effect Wholesale Platform.

Offer Extended until 31 January
We had a good number of investors and financial advisors, along with Snowball Effect, ask us for more time. Some investors want to read the material over the break, others have found that their advisors have taken the normal extended kiwi summer break until late January and others need to move funds which are tied up elsewhere. Given the length of the summer break the directors of Punakaiki Fund agreed to extend the offer until 5pm on 31st of January.

The extension is, however, subject to no material change in the portfolio. If, for example, one of the companies we invest in has a large event (like a investment transaction or major customer deal) that changes the value of the portfolio, then the directors reserve the right to close the offer at that point. So do get your applications in early.

Second New Investment
We can now announce our first follow-on investment with Raygun, who supply a SaaS product that tracks software errors and user progress in real time. Raygun was one of our initial four investments, and their progress has been very strong since that investment. Punakaiki Fund is contributing around 20% of this round, and the funds will be used to fuel Raygun’s expansion into the US market. Founder John-Daniel Trask will be moving to the US in the first quarter of 2016.

The new valuation for Raygun is already factored into the share price for this offer.

Third new investment
We are very close to contract signing but still not quite done on our third new investment.

Mobi2Go second tranche investment

We have also surpassed the capital raising threshold required to trigger the second tranche of Punakaiki Fund’s investment in Mobi2Go. The second tranche investment with double our investment in Mobi2Go and will be made in the early New Year. We are very encouraged by Mobi2Go’s progress since our investment, and they have a very strong pipeline of customers to continue their growth with next year.

The Offer

The details of the Offer are in the latest Punakaiki Fund Information Memorandum, and Exempt Investors (details of what that means are on the form) can apply using the Application Form.

Our thanks to everyone who has supported us in 2015 – we wish you all the best for the Christmas and New Year break and look forward to a prosperous 2016.

Here’s a bit of cheer from RedSeed – along with some nice statistics.

About Lance Wiggs

@lancewiggs
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