This week's Enterprise Angels meeting saw funding pitches from three companies, including Bay of Plenty-based Balex Marine.
Balex is looking to close out its third funding round of $900,000 and has already raised $415,000 in a rights issue from shareholders in its latest round.
Enterprise Angels (EA) is also about to begin beta testing its new online funding platform, AngelEquity, which will allow any qualified investor in New Zealand to take part in an angel investment deal either originated by or syndicated through the early stage BOP funding group, said executive director Bill Murphy. EA has members from Tauranga, Rotorua, Taupo and the Waikato.
Balex Marine has been developing its production and distribution channels for its Automatic Boat Loader (ABL), which allows for remote controlled launch and retrieval of trailer-boats. The ABL is now being used in the NZ market, with 21 marine dealers, four trailer manufacturers and three boat manufacturers on board.
The company has also lined up a distribution deal with Forge UK for Europe and the Middle East, and is developing its Australian network.