Punakaiki Fund announced an IPO today, seeking to raise $20 million to invest in New Zealand technology, internet and design companies.
“That is where all the exiting development is happening,” says Lance Wiggs, whose capital management company will manage Punakaiki Fund's investments.
“The real sweet spot for us is when [startups] have elements of technology, internet and design brought together; when they really understand the end-users and their customers. And the internet is a great tool to make your growth more rapid and global.”
Wiggs is also “undeniably” passionate about this industry.
The investment fund is looking for companies that already have some revenue, he says.
“There is nothing like a bit of evidence that you can sell, and that you have got a product that we can see and touch.”
The fund will be investing in the $500,000 to $3 million range, he says.
“The company needs to be able to show that they will be able to use that money well. Where are not going to invest in ideas.”
Wiggs says the investors intend to work collaboratively with startups before, during and after investments, and that they will not be looking for “premature conversations about exit strategies”.
The minimum investment for the offer is $2,000, which should make an investment in Punakaiki Fund accessible to a wide range of New Zealanders, he says.