Wine company Invivo to use crowdfunding for $2m to fuel growth

Invivo, founded by Tim Lightbourne (left) and Rob Cameron, expects turnover this year of more than $5 million, with 75 per cent coming from export markets. Photo / Dean Purcell

New Zealand wine company Invivo is aiming to raise up to $2 million through the equity crowdfunding platform Snowball Effect.

Invivo will use the money for international growth and is gearing up for a possible IPO next year.

Invivo co-founder Tim Lightbourne said the company was discussing the listing with brokers.

"We've been watching Snowball for a while and been really impressed with their approach," Lightbourne said.

"I like the fact that with crowd funding you get potentially two or three hundred-odd ambassadors around the country."

The company sells in 17 countries and Lightbourne said it would be completing its launch in the United States this year. The crowdfunding round will start in two weeks and close 30 days later unless the firm gets its $2 million cap earlier. Shares would be issued at $1 each with a minimum purchase of 1000.

Invivo was named in the Deloitte's Fast 50 in 2012. Turnover this year is expected to be more than $5 million, with 75 per cent coming from export markets, including Canada, Japan, Australia and the UK.

Lightbourne said the company had achieved a lot with limited funding, including sponsoring the Graham Norton show.

"We've made the most of what we had but now it's time to give it that extra kick," he said. "If we hit that $2 million cap we'll be the largest crowdfunded company."

Snowball Effect is New Zealand's largest crowdfunding platform, having raised $3.6 million in the last six months. In its most recent campaign, drone company Aeronavics far exceeded its $750,000 goal, closing at $1.5 million.