ableX

ableX is a subscription-based digital healthcare solution for major neurological conditions such as stroke and dementia. The ableX system includes a combination of computer-based therapy games and handheld devices that provide physical and cognitive stimulation, to help recover everyday independence after stroke and brain injury.

Highlights for the quarter included:

• The Snowball Effect campaign closed at the end of November with $856k new money invested and 123 new shareholders.
• The Perth pilot programme is ahead of schedule and performing well on its key metrics.
• We now have an updated short list of product requirements based on user feedback from the recent pilot programmes. 
• We have now added two new client hospitals in Melbourne.
• We have hired a game developer on a part time basis to continue improving the product.

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Zeffer

Zeffer is the largest independent, dedicated cider producer in New Zealand. The company raised $1.2m on Snowball Effect in March 2017.

Highlights for the quarter included:

• We had another strong quarter for the 3 months ending 31 Dec 17, with both revenue and volumes up against budget and prior comparable periods. We are now tracking ahead of our full year budget.
• With the great start to summer our domestic performance drove our strong sales for the quarter and December was our largest sales month in history.
• Our new site handled the spike in production volumes and we have implemented new processes to allow us to scale up more efficiently for peak production months, including increasing our bottling line hours with extended running shifts.
• We are driving forward with new flavour development. We released our Clever Clogs Cloudy Cider in kegs which was a collaboration with Galbraith's Brewing.
• We received the trophy at the Brewers Guild Awards for our Apple Crumble Cider. The Brewers Guild Awards are the largest Beer and Cider Awards in New Zealand and this is the second year in a row that Apple Crumble took out the top honour in its category. We also picked up Silver medals for our Cidre Demi-Sec and Slack Ma Girdle, as well as Bronze medals for Crisp Apple, Red Apple and Hopped Cider.
• Our first container is on its way to Taiwan and will be landing soon in time for market testing before the Taiwanese summer.

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Squirrel

Squirrel Group is made up of Squirrel Mortgages, Squirrel Money, and TenanSee. It is this unique combination of (proprietary) technology working alongside a strong brand and a growing market share of mortgage brokering that puts Squirrel in the right place at the right time to lead market disruption.

Highlights for the quarter included:

• Mortgage settlement volumes were down 13% against the same quarter last year reflecting the soft housing market, although there was evidence of an uplift in activity late in the quarter.
• Cash received via trail commissions was up 17% on the previous quarter.
• The trail commission loan book exceeded $1 billion.
• Loans originated through the Squirrel Money platform grew by 20%, with the active loan book reaching $12m.
• Operating costs were down 14% on the previous quarter and the same period last year.
• A reported EBITDA of $419k boosted year to date EBITDA profit to $548k.
• Operating cash flow of -$247k represented a $104k improvement on the previous quarter, with further improvement expected in the final quarter of the financial year.

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Invivo

Invivo isn’t just a winery; it’s a startup, taking on the world one mouthful at a time. We were founded by a couple of old school friends that liked wine so much they started a winery to make some – whatever it took. Like it says in our ads, our first vintages really were made from “Grapes, time and two maxed out credit cards!”  Invivo currently sells in New Zealand and 17 offshore markets. Invivo was the first company in New Zealand to raise the legal maximum of $2m in equity crowdfunding.

• Graham Norton’s Own Sauvignon Blanc won gold at the Global Sauvignon Blanc Masters in London in December. Graham was excited with the result and shared to his 1.3 million followers on twitter and 270,000 followers on Instagram.
• The Graham Norton Rose has just been confirmed to list in Tesco for the 2018 Summer in the UK. This is a huge listing for the rose in the UK’s largest retailer.
• The Invivo Pinot Noir 2016 was awarded 92 points by Wine Spectator and overnight the entire stock we produced was ordered by our US customer.
• Lion in New Zealand are having record months with the Invivo and Graham Norton brands.
• Overall global sales are in line with our forecasted budget year to date.
• Our latest billboard is up on State Highway 1, keep a look out.
• The Graham Norton Prosecco is coming…. launching around July! Look out for news on this.

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Ubco

The Ubco 2x2 is the world’s first production Dual Electric Drive Bike. Designed in New Zealand, the Ubco utilises advances in electric motor design and battery technology to deliver a whisper quiet connected utility vehicle that embraces portable energy.

Highlights for the quarter included:

• Inaugural UBCON held, also culminating in the AGM.
• Convertible notes totalling $425k issued to existing investors.
• Completed delivery of full 2018 2x2 production run # 1 (120 bikes), with $702k of revenue generated for the quarter.
• Demand continues to outstrip supply, with pre-orders secured on over 80% of 2018 2x2 production run # 2 at quarter end (fully sold by second week of January 2018 – 155 bikes). If delivered before 31 March 2018, revenue for the year is expected to exceed $2m.
• Growth in interest continues from EU distributors for the right to distribute into Agriculture, Recreation and Commuter segments.
• Preparation for a Series B capital raise by Q2 2018 continued, including securing external funding to support market analysis and valuation, and initial conversations with potential lead investors in New Zealand and the USA.

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SOS

SOS

SOS is a medically formulated hydration drink mix that’s as effective as an IV drip. SOS raised over $250k through Snowball Effect in January 2016.

Highlights for the quarter:

• 53% revenue growth; the highest percentage growth to date.
• Increase in profit margin from 10% to 62%.
• 1.6 million drinks sold.
• Kroger update: National roll out across USA secured.
• Boots update: Trial secured. Also added Holland and Barrett in the UK.
• Licenses: added Japan. Australia going well and NZ converted to license.
• 20% of total sales now done via Amazon.
• Hired a logistics manager in USA and new sales team.
• Launched into the natural channel in USA.
• World first new product launch expected in March 2018.

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Punakaiki

Punakaiki Fund is one of the most active venture capital investors in New Zealand, with investments in 20 high-growth companies. Punakaiki Fund raised over $3.2m through Snowball Effect, over three separate offers in 2015 and 2016.

Highlights for the quarter included:

• The Investor Net Asset Value of the fund was $32.7 million (or $20.90 per share), a material increase from the 30 September 2017 Investor Net Asset Value of $29.3m. Total assets were $35m.
• During the quarter, Punakaiki Fund’s investment in Linewize was sold to ASX-listed Family Zone (FZO) in return for $40k and 3.8 million Family Zone shares, of which 1.9 million are subject to certain performance milestones.
• A significant investment was made into a new portfolio company - Coherent Solutions. Coherent Solutions produces high-end coherent and non-coherent optical testing equipment and associated software for the telecommunications industry.
• $2.8m was collectively invested in Conqa, Coherent Solutions, Weirdly, Linewize, New Zealand Artesian Water, and Vibe Communications.
• $524k was recognised as a net decrease in the value of Punakaiki Fund’s investments at the end of the December 2017 quarter compared to those values set out in the September 2017 quarter.
• $3.4m in new capital was raised in the December 2017 retail capital raise.
• Punakaiki Fund holds options to invest further in Conqa and Coherent Solutions prior to the end of the March 2018 quarter which if exercised would cost a total of $1.2m.
• Punakaiki Fund is planning to raise capital from wholesale investors in the March 2018 quarter. Contact them or us to find out more.
• Punakaiki Fund continues to assess potential investments in new companies, along with follow up investments in its existing portfolio companies.

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Snowball Effect

Snowball Effect is an online investment marketplace. Our mission is to simplify investment into high growth Kiwi companies. We’ve been funded by existing shareholders and cashflow to date to support the continued growth and development of the equity capital market for early-mid stage New Zealand growth businesses.

Highlights for the quarter included:

• $1.1m was raised during the quarter including $856K for AbleX Healthcare. A total of $30 million had been raised as of the end of December.
• Average investment this quarter was $17,000. Overall, average investment amount to date is around $7,500.
• The wholesale investor database has grown to over 1,000 members. Around 350 members have completed their Investor Profile and 175 have indicated an interest in becoming a director or advisor to growth companies.
• We have some exciting new products in the pipeline, however are still in the process of hiring more developers to execute these projects. Further details on the role can be found via the position description.
• The company has no capital raising plans at this stage.