$1m and counting - drone firm achieves New Zealand's largest ever equity crowdfunding result
Tuesday 17 February 2015, 12:46PM
By Media PA
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The equity crowdfunding campaign for drone designer and manufacturer Aeronavics has hit $1 million so far - the largest equity crowdfunding campaign undertaken in New Zealand to date.
The Raglan-based firm, whose global customers include NASA, Disney and DreamWorks, achieved its initial target of $750,000 in just three days through an offer on equity crowdfunding platform Snowball Effect.
Having attracted 191 investors already, Aeronavics is well on track to hit its maximum funding cap of $1.5 million when the offer closes on 14 March.
Aeronavics general manager and director Linda Bulk says she is delighted with the response so far. “The popularity of the raise has definitely exceeded our expectations, both in terms of the pace investors have come on board, and the amount raised.
“What’s really exciting is that exceeding our initial target will allow us to bring our growth plans forward. We’ll be able to develop products in our R&D pipeline earlier, which will widen our range of solutions, boost and streamline our production capabilities and give us a real edge in this global market.”
Shaun Edlin from Snowball Effect, which is hosting the Aeronavics offer, says the offer has set a new benchmark for equity crowdfunding in New Zealand.
“This is the first ever equity crowdfunding offer in New Zealand to surpass the $1 million mark, and is also the fastest raise on the Snowball Effect platform so far. We’re thrilled for the Aeronavics team, who are now aiming to hit the $1.5 million overfunding target.”
The Aeronavics offer ends on 14 March unless fully subscribed earlier. Details about the offer can be found at https://www.snowballeffect.co.nz/aeronavics
Aeronavics is the fourth offer hosted by Snowball Effect, all of which have achieved their funding targets. The previous three successful offers were: Renaissance Brewing ($700,000), The Patriarch ($488,800) and CarbonScape ($764,302).
About Aeronavics’ equity crowdfunding campaign
Aeronavics, which has a current company valuation of $8.5 million, plans to build a fast growing, profitable $50-100 million revenue company in the next 5-7 years. The Snowball Effect campaign aims to raise up to a maximum of $1.5 million with a maximum equity position of 15%. The minimum investment is $1,000 (cost per share $1) and the offer ends on 14 March unless fully subscribed earlier. https://www.snowballeffect.co.nz/aeronavics
About Aeronavics
Aeronavics is a manufacturer of advanced multi-rotor remote piloted aircraft (RPAs) and related accessories and launched its first product in 2010. Based in Raglan, New Zealand, we export our products worldwide, servicing the ever expanding market in aerial robotic systems for aerial photography, filmmaking, professional cinematography and service sector applications. Our clients include NASA, Disney and DreamWorks, as well as organisations across the energy, oil and gas, forestry, mining, security, emergency services and law enforcement sectors. According to researchers Frost & Sullivan, the global drone market will be worth over US$22 billion by 2020, with over 25% in the commercial (professional / industrial) space - where Aeronavics operates.