Z boss joins Punakaiki board
Punakaiki Fund, an investor in growth stage technology and software companies, has appointed three new directors at its recent AGM.
The fund's 475 shareholders have appointed Mike Bennetts (chief executive of Z Energy), John Berry (co-founder of Pathfinder Asset Management) and Bryan Hutchins (director of Real Journeys). All three are shareholders in Punakaiki Fund; Mr Bennetts has the third largest stake.
According to founder Lance Wiggs, the expanded board brings governance, commercial and capital raising experience as Punakaiki Fund continues to raise capital and invest in more NZ high-growth technology companies.
With its last latest option round projected to raise more than $1 million, the fund has successfully raised more than $9 million from wholesale investors and through crowdfunding platform Snowball Effect.
The fund's assets are invested across 12 high growth companies, with two more investments pending.
Punakaiki recently invested $2 million in cloud point-of-sales software startup Vend. Its other holdings include a stake in Vibe. a self-styled "ISP for ISPs," which recently launched a bandwidth-on-demand service.
See NBR's print edition on Friday for a look at another of its recent picks, post-modern recruitment outfit Weirdly.