Author NZVCA Admin

Christchurch-based technology incubator Powerhouse Ventures will not proceed with plans to sell a quarter of its Invert Robotics’ holding for $1.3 million as one of the sale conditions has not been satisfied.

In September, Powerhouse said it had been approached during Invert’s current financing round and announced plans to sell, stating the sale would result in a profit above its current book value of Invert. It currently owns 34.6 percent of the company and the sale would have reduced that to between 23.6 percent and 28.2 percent of the shares.

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Dunedin startup Timely, which has created a booking software platform for businesses in the beauty and wellness industry, has raised NZ$7 million ($6.34 million) in a funding round led by local venture capital firm Movac.

The startup, founded in 2012 by Ryan Baker, Andrew Schofield, and William Berger, previously raised NZ$1.3 million in 2014.

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Dunedin cloud software company Timely has secured $7million in funding to help accelerate its growth.

The company, founded in 2012, provided cloud-based booking software to the global salon and spa sector.

The funding round was led by experienced technology investor Movac and Timely chief executive and co-founder Ryan Baker was “stoked” about the investment.

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The Green Fairy, The Clinician, and the Social Club have been selected to attend the Tech Crunch Startup Alley, part of the first ever Tech Crunch Battlefield Australasia on 16 November in Sydney.

The three companies were judged the best of 12 Kiwi tech start-ups who last night pitched to local and international investors at the 2017 New Zealand Trade and Enterprise Tech Shed Investment Showcase in Auckland.

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The New Zealand Superannuation Fund plans to take cornerstone stake of at least $100 million in Fidelity Life, the largest Kiwi-owned life insurer.

If the necessary conditions are met, including changes to Fidelity Life’s constitution, the transaction would see the NZ Super Fund taking a minimum 41.1 percent stake in the insurer, they said in a joint statement.

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