It appears that New Zealand will have their very first equity crowdfunding campaign on Snowball Effect later this month, at least according to a tweet from Ripper Crowd Loyalty;
Guys! We have a launch date for our #equitycrowdfunding campaign on @snowballnz. 28/07/14. Rippr will be the first startup in nz to do so!
— Rippr Crowd Loyalty (@ripprcrowd) July 16, 2014
Investment crowdfunding has been recently legalized in New Zealand and now potential crowdfunding portals are going through the licensing process by the Financial Markets Authority (FMA). It things line up Rippr may be able to claim first. Snowball Effect wants to be New Zealand’s leading equity crowdfunding platform. As they state on their site; “Our vision is a New Zealand economy fueled by emerging businesses, backed by everyday Kiwi investors”.
The Financial Markets Conduct Act of 2013 covers equity based crowdfunding and enables companies to raise up to $2 million in any 12 month period without having to issue an investment statement or prospectus. These lighter disclosure transactions must occur on a licensed crowdfunding service provider.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!