Invivo sets equity crowdfunding record

Invivo founders Tim Lightbourne and Rob Cameron with British talk show host Graham Norton.

Invivo Wines has set a new record for equity crowdfunding in New Zealand.

The Auckland-based wine firm's campaign on the Snowball Effect platform had raised $1,523,587 by 2.30pm.

Until today, New Zealand's biggest equity crowdfunding campaign was the $1,500,000 Kiwi drone company Aeronavics raised last month.

Invivo is looking to raise up to $2 million, the maximum allowed through a crowdfunding campaign, and has said it will use the capital to ramp up its expansion in international markets.

If fully subscribed, 20 per cent of the company - founded by Tim Lightbourne and Rob Cameron in 2008 - will be sold through the offer.

Invivo, which has experienced more than 200 per cent revenue growth since 2011, has forecast net income of $152,000 from sales of $5.1 million in the 12 months to March 31 this year. It is targeting revenue of $25 million by 2020.

The offer, which closes on April 13, will value Invivo at $10 million if $2 million is raised.

Equity crowdfunding was made possible by new securities legislation that came into force last year.

Invivo, which counts British talk show host Graham Norton as an investor, is also considering listing on NZX's soon-to-launch NXT market, targeted at firms valued at up to $100 million.