Flick Electric secures $4.8m in funding from Evander, Morel and Angel HQ
Flick Electric has secured $4.8 million from investors, including Datacom shareholder Evander Management and venture capitalists Jenny Morel and Phil McCaw as it looks to spread its new wholesale electricity offer across New Zealand.
The Wellington-based company targeted external investors to fund its growth plans and build on its 1,493 customers, it said in a statement. Evander Management, which owns the majority of Datacom Group, took a 6.5 percent stake, Angel HQ, the Wellington-based investment fund, took 4.1 percent while Morel and McCaw each took a 1.1 percent stake, according to the Companies Office.
"Evander Management tested every part of our business plan in the due diligence process," Flick Electric chief executive Steve O'Connor said. "Individuals like Phil McCaw and Jenny Morel bring invaluable enterprise growth experience, and we're bowled over to have the largest group of Angel HQ members ever to invest in a single deal."
Other investors included the company founders and investment firms.
Flick Electric launched last August and tries to match up retail electricity pricing with wholesale pricing, so customers buy power at its spot market price when they are actually using the electricity. The company is looking to accelerate its customer growth as well as invest in product development.