News
0 Auckland chatbot startup Ambit raises NZ$1.75 million

New Zealand startup Ambit, which helps clients create custom chatbots, has raised NZ$1.75 million ($1.7 million) as it looks to grow globally.

Founded by Josh Comrie, Gareth Cronin, and Tim Warren in 2017, Ambit’s platform enables clients to design, build, integrate and analyse “digital employees”, or chatbots. It has worked with the likes of Vodafone, KPMG, and Glassons.

The funding, raised from investors including Lewis Holdings Limited, the investment arm of New Zealand business leader Sir David Levene, and K1W1, the investment arm of Sir Stephen Tindall, follows the company’s NZ$500,000 mid-2017 seed round.

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0 New Zealand-founded 90 Seconds raises $28 million Series B round

New Zealand-founded, Singapore-based video production startup 90 Seconds has raised US$20 million ($28 million) in Series B funding from a mix of new and existing investors, including AirTree Ventures, Sequoia India, Qualgro Venture Capital, and Right Click Capital.

Founded in 2010, 90 Seconds allows brands and agencies to tap into a network of over 12,000 creatives in 160 countries, from videographers to directors, editors, animators, producers, and more, to buy, plan, shoot, edit, and review video.

The startup raised a $10 million Series A round led by Sequoia and AirTree Ventures in 2016, opening an office in Australia later that year.

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0 Another big year in store for NZ mergers and acquisitions

Last year was a big one for New Zealand mergers and acquisitions and law firm Russell McVeagh expects to see more of the same in 2019, despite increased global uncertainty.

The firm said 176 deals, worth a combined $7.126 billion were announced in 9 months to 30 September 2018, representing a 172 per cent increase in deal value, and an increase of about 16 per cent in transaction numbers.

While figures for the full 2018 calendar year are yet to be released, activity was very high in the last quarter of 2018, and the firm expects this trend to have continued for the full year.

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0 New Zealand Equity Capital Markets – trends and insights 2019

Chapman Tripp’s annual Equity Capital Markets – trends and insights publication, picks 2019 to be a year of improvement on the slower years of 2017 and 2018.

As predicted in last year’s publication, 2018 was a transitional year. With initial public offering (IPO) activity extremely subdued and a decline in the number of issuers on the NZX Main Board for a further consecutive year, it was undoubtedly a sluggish year for New Zealand’s equity capital markets. However, on a more positive note the NZX continued to outperform other global indices.

Key insights and predictions include:

  • Significant changes undertaken in 2018, including equity board consolidation, changes to fees and rules around on market trading and the new NZX Listing Rules, will have a positive flow-on effect in the next two years and beyond.
  • After only one IPO in 2017, and a grand total of zero IPOs in 2018, the work that has gone on to improve the markets will translate into more IPOs in 2019 and 2020.
  • The number of issuers on the NZX Main Board will decrease once again – but for the last consecutive year.
  • The use of AREOs – a type of rights offer that enables the accelerated receipt of proceeds from institutional investors – will continue, particularly by larger issuers. The use of share purchase plans (SPP) will decline, in part due to the changes in the NZX Listing Rules.

View Chapman Tripp’s annual Equity Capital Markets report here

News
0 ILPA and Cambridge Associates Call on Private Equity and Venture Capital Industries to Adopt the Term “Key Person” in All Legal References

New Zealand Private Capital joins Associations from Around the World in Support of Updated Terminology
The Institutional Limited Partners Association (ILPA) and Cambridge Associates (CA) pledged, and encouraged other stakeholders in the private equity and venture capital industries, to employ the term “key person” in all legal references on a go-forward basis.

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