Lance Wiggs’ Punakaiki to seek funds via Snowball Effect
Lance Wiggs’ investment fund Punakaiki will use Snowball Effect to crowdfund up to $2 million.
Mr Wiggs says the decision to pick Snowball Effect over PledgeMe was a difficult choice, as they are the best crowd funding platforms in the market.
“It came down to the wire,” he says.
Mr Wiggs says in the latest round of funding, first offers will go to investors who originally invested in Punakaiki’s 2013 public offering. That offer failed to meet the Financial Markets Authority's minimum $20 million.
He says those investors who missed out last time, could raise more $1.5 million, with the rest to come from Snowball Effect.
Mr Wiggs won’t discuss any potential new investments, but says the fund already has ten "amazing" companies and value per share has risen substantially since last year. The investor says the ball park figure for returns is more than 50%.
Since April 2014 Punakaiki Fund has raised over $4 million from private investors, and invested in 10 companies.
Its portfolio includes Mindscape, Boardingware, Vibe Communications, Timely, InfluxHQ, Onceit, Weirdly, RedSeed