PATTERNSNAP: Last offering confirms interest by angel groups in new platform, says AngelEquity's Bill Murphy. Photo/File
PATTERNSNAP: Last offering confirms interest by angel groups in new platform, says AngelEquity's Bill Murphy. Photo/File
AngelEquity, the new online equity crowdfunding platform launched in September by the Bay of Plenty's Enterprise Angels, has picked up its first offering from another angel group, with Wellington's Angel HQ listing online digital library Patternsnap.
AngelEquity offers wholesale investors the opportunity to invest in New Zealand start-ups, alongside seasonedangel investors from around the country.
"We're excited to have Angel HQ list Patternsnap on AngelEquity," said Bill Murphy, founder and executive director of Enterprise Angels.
"This is the first of hopefully many deals listed by other angel groups on the platform, which opens up exciting investment opportunities to the wider market of wholesale investors, on the same terms negotiated by the angels."
All AngelEquity deals have passed due diligence and have a minimum of 25 per cent angel investment in their current funding round. That provides not only capital for the company, but also exposure to the expertise and connections that the capital can help deliver, said Mr Murphy.
Patternsnap was co-founded by chief executive Virginia Fay, an architect with experience in the interior design community, and developer Steven Dodd in 2012. The pair bootstrapped the initial development of the business, with small investments from friends and family. In 2016 Patternsnap participated in the Lightning Lab XX Accelerator programme, exposing the team to more resources and mentors.
The startup said the traditional model of collecting and managing samples in showrooms wasted time and space, while also limiting access to customers outside the showroom's geographical location.
Patternsnap provides a single database for initial product selection, enabling designers to group samples for schemes and quickly share them with clients for feedback. The tool also provides access to a wider variety of products available globally, providing clients with a wider range of unique design solutions.
"Patternsnap is an exciting, dynamic early-stage company," said Angel HQ manager Dave Allison. "Virginia Fay brings not only design expertise and industry experience to Patternsnap, but also strong management and entrepreneurial skills."
