Ahead of plans to list on the New Zealand stock exchange sometime this year, New Zealand-based startup MyWave has successfully oversubscribed a second round of capital raising of NZ$4 million that will be used to expand its offshore growth.
According to founder of MyWave and former SAP North America CEO Geraldine McBride, the company initially sought new capital of NZ$4 million, with oversubscription accepted to NZ$5 million.
"We quickly secured NZ$4.5 million at a pre-money valuation of NZ$50 million (NZ$3.45 per share) and have extended the close date until the end of October to allow due diligence and other details required by prospective investors. We expect to close off the capital raise at or close to the NZ$5 million oversubscription limit," she said.
The raising comes after the startup raised NZ$2.5 million at NZ$0.50 per share in April last year.
McBride revealed funding for this second round has come from existing shareholders, including a NZ$2.9 million personal investment by Andre Crawford-Brunt, global head of equities trading for Deutsche Bank.
McBride said the new capital will be used to grow the company's Melbourne-based software development team, including new appointments and partnerships to build its sales and implementation resources in the US and the UK.
MyWave was founded by McBride two years ago, and is chaired by former Xero chairman Phil Norman. It has developed an intelligent personal assistant called Frank, which McBride believes "has a strong leadership position in the rapidly emerging digital personal assistant market".
McBride expects to see the deployment of Frank over the next six months. This will include to customers in Australia and New Zealand's retail, real estate, and banking sectors; such as New Zealand's Saveawatt, which will go live with Frank early next year to help households find the best electricity bill plan.