Equitise gained authorisation to operate from the Financial Markets Authority in December.
Equitise gained authorisation to operate from the Financial Markets Authority in December.
Crowdfunding platform Equitise is celebrating the success of its second capital raising campaign after Retirement Income Group hit its minimum target of $250,000 this morning.
The offer, which launched on May 13 and closes later today, had raised $297,500 for the annuities provider by 10.30am, giving the new investors a3.3 per stake in the business.
Annuities involve converting a lump-sum, such as a KiwiSaver withdrawal, into regular fixed-income payments.
Retirement Income is targeting the growing cohort of New Zealanders who are reaching 65 and withdrawing their KiwiSaver funds.
The company, co-founded by former AXA New Zealand and Accident Compensation Corporation chief executive Ralph Stuart, had already raised $3.8 million from professional investors and its founding shareholders prior to the Equitise campaign.
Equitise managing director Jonny Wilkinson said it was great to get the platform's second campaign over the line.
"It's a good feeling," he said. "We turned this one around reasonably quickly." Equitise, which launched in January, closed its first campaign earlier this month after raising $211,000 for Tourism Radio NZ.
Equity crowdfunding, which became possible in New Zealand last year through a once-in-a-generation overhaul of securities legislation, allows companies to issue shares to the public through online platforms.
More than $7 million has been raised by three local equity crowd-funding providers - Snowball Effect, PledgeMe and Equitise - since August.
Wilkinson said Equitise may launch its third campaign within the next month. Retirement Income's retail arm is anticipating a net loss in this financial year of $745,821 from revenue of $422,401.
The company - which is targeting KiwiSaver providers, employer-based pension schemes and retail investors - expects to begin breaking even in the 2017 financial year.
