Investors quick to fund Collect's campaign
Loyalty scheme software provider Collect's crowdfunding campaign reached success after three days of being live.
The equity crowdfunding campaign for loyalty scheme software provider Collect has reached its goal after just three days .
The capital raise for Wellington-based software startup Collect has reached its $200,000 minimum raise through its offer on New Zealand’s newest crowdfunding platform Crowdcube, which is managed in New Zealand by investment bank Armillary Private Capital.
Further investment has already been secured from private investors and the offer remains open, with the hope of reaching $1 million in return for 11.11% of the company.
The money raised will fund international expansion, primarily to establish a sales and distribution operation in the US.
The Wellington-based company made a loss last year of $796,119 on revenue of $163,688.
The company, founded in February last year, has 800 users in 60 countries for its cloud-based loyalty and marketing software. Collect founder and chief executive Brent Spicer told NBR he expects 2000 paying customers within 12 months. Its breakeven point is 5100 customers.
Collect is valued at $8 million and has secured more than $2 million of investment in the past two years.
The management team and board includes Peter Biggs, chairman of the Wellington Regional Economic Development Agency; ex-Xero executives Paula Jackson and Paul Williams; ex-Google executive Kyle Enright, who is based in San Francisco; and co-founders Matt and Brady Thomas.
The company has 14 staff now, including one in the US. Mr Spicer says its plans to have 31 in a year’s time, with five or six based in North America.
Collect plans to raise further capital from US institutional investors by the end of the year.
Rival equity crowdfunding platform PledgeMe reported today that two companies on its site have just maxed out their offers – vegan food company Angel Food has raised $150,000 and cosmetics company Sorbet raised $200,000.
Calida Smylie
Thu, 25 Jun 2015
Thu, 25 Jun 2015
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Investors quick to fund Collect's campaign
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