AGM Notice

Canterbury Angel Investors Incorporated
(Society)

Notice of Annual Meeting

Notice is hereby given that the annual meeting of the Society will be held at The GreenHouse, 146A Lichfield St, Christchurch on the 28th day of July 2016 at 6pm, with the following business to be considered:

  1. Welcome.
  2. Apologies.
  3. Annual Report of the Chair for the year ended 31 March 2016.
  4. Annual Financial Statements for the year ended 31 March 2016.
  5. Special business.
  6. General business.
  7. Closure.

By order of the Board

Ben Reid, Chairperson

Dated this 8th day of July 2016

Filed under: News

Other News

Last time we mentioned that the Angel Association of NZ (AANZ)has been working on some general guidance with respect to the interpretation under the new FMCA about what constitutes ‘eligibility’. You can read it here.

AANZ also weighed in last week to support calls from IceHouse and KPMG for changes to migrant investment policies to encourage newcomers to New Zealand to invest in early-stage ventures. While many in the angel investment community expressed support, some investors, migrants and even Steven Joyce expressed reservations that changes might have a deterrent effect on investor migration. What do you think?

Dave Moskovitz’s new initiative NZ Startup of the Week this week (week 3) features Wearit who are about to close out their funding round.

Also popping up for spring is new agri-tech venture accelerator, the aptly-named Sprout.

As New Zealand celebrates a successful first year of equity crowd-funding, Australia finally looks set to catch up with no less a champion than new PM Malcolm Turnbull an early adopter. Meanwhile the number of equity crowd-funding platforms in NZ continues to grow, sparking some concern about quality and the potential for a shake-out.

Australia’s take on BBC’s Dragons’ Den, Shark Tank, ended a short run on TV3 this week but still available on demand. Nice to see some more familiar-looking and sounding founders and investors. Also interesting to note some surprisingly modest valuations, as well as the usual outrageous ones.

Filed under: News

Dave Allison on valuation for angels

Dave Allison from Angel HQ gave a very informative workshop to a group of angels recently. After introducing the general terminology needed he spoke about the three metrics which are most commonly used to evaluate the value of an early stage company: VC Board, Berkus Method and Scorecard Method. He explained how each can be applied and discussed the advantages and limitations of each method. The examples he used will make it much easier to value the companies angels want to invest in.

Dave went on later that day to give the same talk to the founders in the Lightning Lab programme. Come Demo Day it will be interesting to see whether investors or founders were the better students!

Filed under: News

Angels from afar at next investor event

Tuesday, 20 October, 17:30 – 20:00
Boardroom, Level 1 Duncan Cotterill Plaza,
Victoria Street

Anyone who missed out on registering for the Asian Business Angels Forum in Queenstown in October (banner below) will have another chance to hear from two of the main visiting guest angels, Nelson Gray and Bill Payne, at our next investor evening.

Nelson Gray’s UK  – well, Scottish actually – story of reinvesting capital and capability locally to promote the regional economy will no doubt resonate with Canterbury Angels. American Bill Payne’s connection to angel investment in New Zealand is so strong that not only has he received an award for it, he even has one named after him!

In addition we will have a line-up of investment pitches from a range of companies. Those of you who attended the session in May when a number of companies pitched to Silicon Valley visitors Bill and Adiba will recall how interesting it is to hear diverse perspectives from offshore-based investors.

Register here and now for this event. Our thanks to Duncan Cotterill and CDC for their support.
Filed under: News

Update on Previous Pitches

Breathe Easy completed its funding round and is now in Phase I trials of its Citramel therapeutic treatement for cystic fibrosis sufferers.

Geozone was in the news recently with its safety videos for drivers now being screened on Air New Zealand flights. Meanwhile use of its enabling Campermate app continues to grow significantly and launching in Australia is imminent.

Kitset Assembly Services is also on track to expand into the Auckland market. Some key distribution agreements have been reached and franchising operations are likely to begin next year.

Wearit is currently in the process of getting indications of commitments from investors. Their due diligence summary is available from liam@wearitherway.com.

Menumate has a new CTO and VP Sales on board. Software license sales are up 9.9% from the previous quarter. Negotiations nearing completion for a new franchise in Hong Kong ahead of the timing in the strategic plan. $650,000 new capital raised to date, including $350,000 from Christchurch investors. Subscriptions still available, contact julian.carver@nzcapstrat.com for the IM.

DebtorDaddy is one of the companies in the current Christchurch Lightning Lab programme.

Filed under: News

Review: Marcel van den Assum and Dan Khan Events

Marcel van den Assum spoke at an event at the newly-opened Greenhouse on Lichfield St. Marcel gave a presentation of two halves – firstly speaking about the state of angel investing in New Zealand from his position as Chair of the AANZ. Currently investment volumes have recovered back to levels seen back in 2008 and there is a healthy number of deals being closed through various angel groups up and down the country.

Marcel went on to give in-depth insights on his experience as an early investor and executive chairman of Greenbutton – leading to the successful acquisition by Microsoft in 2014, delivering a 10X return for the early investors. It was fascinating to hear first hand the techniques used to grow the business, maintain competitive tension between potential buyers and raising profile with senior Microsoft executives including Steve Ballmer and new CEO Satya Nadella. The other key takeaway was to be ready for exit – always maintain a full collection of up to date due diligence documentation ready to be used at any time, to speed the investment negotiations.

GreenButton was also the focus of Dan Khan’s recent presentation. Dan – a tech entrepreneur, investor and former director of New Zealand’s first tech company accelerator, Lightning Lab, has undertaken extensive research and in-depth interviews to explore the story behind the headlines. Last month, Dan presented his findings to a group of 40 entrepreneurs and investors at EPIC. You can download Dan’s personal Reflections on a successful exit here and in the in-depth GreenButton Story here. One of the take-home messages for Canterbury Angels was the huge role that GreenButton’s investors and board (particularly Marcel) played in pulling in trusting allies, prior co-workers, and team members to fill out the missing governance and operational roles to help Scott make GreenButton a success.

Filed under: News

Lightning Lab Underway

Lightning Lab kicked off in Christchurch on August 17. You may have seen the initial story in the Press, and you can follow the latest updates here.

The programmes capstone event, Demo Day, is scheduled for some time in November and we are working with the Lightning Lab team to see how Canterbury Angels can be involved with that event.

Filed under: News

NZVIF snapshot reveals early-stage landscape

Some benefits of New Zealand Inc’s approach to fostering investment in early-stage companies are illustrated by the timely release of NZVIF’s Portfolio Investment Snapshots Report. (full report – summary press release here).

Not only does it show how efficient the Government’s investment has been in leveraging $9 in private capital for every public dollar invested, but also its dataset of nearly 200 companies provides some real intelligence around the risk/reward dynamics of early-stage investment in New Zealand, beyond the usual “1 in 10 (or 20)” rules of thumb of angel investment.

There are probably few surprises in the main lessons from the report. Early-stage investment continues to be risky business and its rewards may often be more intangible than tangible. There are encouraging success stories but investors need to be prepared for tough times, illiquidity, and losses too. Importantly, investors need to consider a portfolio approach and be prepared for making sustained follow-on investments.

Filed under: News

Marcel van den Assum Presenting on Angel Investing

Canterbury Angels is delighted to invite you to hear from Angel Association NZ Chair Marcel van den Assum.

Marcel’s talk will be of real interest and value to people, especially those new to, or contemplating, angel investment. Please feel free to extend this invitation to people you know who may be interested.

Marcel will be talking about the state of angel investing in New Zealand with particular regard to:
a brief history of the NZ angel eco-system touching on key catalysts and contributors;
an overview of the level of activity including investment levels, deal trends, syndication drivers, portfolio performance, exits;
the role of the AANZ and our perspective on government policy, implications of crowd-funding, capital lifecycle opportunities (eg NZX).
Marcel will also share some of his experiences with GreenButton, including the GreenButton story with an emphasis on key lessons learnt so that we can emulate as well as charting GreenButton’s course from the angel investment through to acquisition by Microsoft within 5 years, at greater than 10x for founding angels.

Thanks to CDC we are also pleased to be hosting this event at Christchurch’s latest addition to the Innovation Precinct, the GreenHouse Innovation Hub on Lichfield St, shortly to become home to the Christchurch Lightning Lab programme.

Because of the venue, please note that – firstly – numbers are strictly limited so please register early. Secondly, we are asking for a $10 donation at the door to cover the costs of networking lubricants.

Time: 5.30pm
Venue: GreenHouse Innovation Hub, Lichfield Street

Filed under: News