The Business Herald’s markets and banking reporter.

Invivo first to equity crowdfund $2m

Invivo Wines New Zealand Ltd founders Tim Lightbourne (left) and Rob Cameron. Photo / Dean Purcell
Invivo Wines New Zealand Ltd founders Tim Lightbourne (left) and Rob Cameron. Photo / Dean Purcell

Invivo Wines has become the first company in New Zealand to raise the maximum amount allowed through an equity crowdfunding campaign.

The Auckland-based wine company hit the $2 million limit at 10am this morning, with two weeks of the offer left to run.

Co-founder Tim Lightbourne said 439 new shareholders had invested in the company through the campaign, run on the Snowball Effect crowdfunding platform.

"We're ecstatic to hit the $2 million mark," he said. "It's a vote of confidence in us but also in New Zealand wine."

Twenty per cent of the company - founded by Lightbourne and Rob Cameron, Invivo's winemaker, in 2008 - was sold through the offer.

Read more:
Invivo sets equity crowdfunding record
Invivo halfway to its $2m funding target
Wine company Invivo to use crowdfunding for $2m to fuel growth

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.

The company, which is targeting revenue of $25 million by 2020, sells its products in 17 markets around the world.

The offer valued Invivo at $10 million.

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.

- NZ Herald

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