Equity Crowd Funding - Data and Analysis July 2015
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A summary of the data from the first year of equity crowd funding in New Zealand. Data includes capital raised, financial forecasts data, pre-money valuation, dilution and investment metrics.
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Equity Crowd Funding - Data and Analysis July 2015
- 1. © SAMSTEWARTNZ.COM New Zealand Equity Crowd Funding DATA AND ANALYSIS 2014-‐15 Sam Stewart July 2015
- 2. Contents 2 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 SecJon Page 1. Summary 4 2. Offers 5 3. Capital Raised 7 4. ValuaGon Analysis 9 5. PlaJorm StaGsGcs 12 Appendix A1 List of Equity Crowd Funding Offers 14 Important NoJce: This report has been prepared for discussion purposes based on publically available informaGon. While every effort has been made to ensure the informaGon presented is accurate no responsibility is accepted for any inaccuracies. The informaGon should be independently verified before being used for any purpose. For more informaGon please contact Sam Stewart: TwiOer: @samstewartnz Email: sam@samstewartnz.com Website: samstewartnz.com
- 3. Summary 3 © SAMSTEWARTNZ.COM Since the first equity crowd funding licenses were issued by the FMA in July 2014 twenty six equity crowd funding offers have been launched with twenty successful offers raising approximately $12 million. There are currently five licensed plaJorms. Four plaJorms have launched offers and each plaJorm has at least one successful offer. InteresGng points to note: • 80% of offers have been successful • On average offers lasted four to five weeks, however the range was from one day to three months • Over half the offers included incenGves or rewards for investors as part of the offer Unless otherwise stated all analysis and figures based on data at 30 June 2015 Equity Crowd Funding Data and Analysis 2014-‐15 Equity Crowd Funding AcJvity – Funding Closed1 Equity Crowd Funding AcJvity– Offers Launched -‐ 1 2 3 4 5 6 7 8 Jul-‐14 Aug-‐14 Sep-‐14 Oct-‐14 Nov-‐14 Dec-‐14 Jan-‐15 Feb-‐15 Mar-‐15 Apr-‐15 May-‐15 Jun-‐15 Offers Launched 1. Funding closed reflects offers that closed in the month and does not include offers in overfunding at the end of the month i.e. does not include either Punakaiki Fund or Collect as they were in overfunding at 30 June 2015 -‐ 0.5 1.0 1.5 2.0 2.5 Jul-‐14 Aug-‐14 Sep-‐14 Oct-‐14 Nov-‐14 Dec-‐14 Jan-‐15 Feb-‐15 Mar-‐15 Apr-‐15 May-‐15 Jun-‐15 Capital Raised ($M)
- 4. 4 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 -‐ 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 Chariot Rideshare PledgeMe Parent Interviews Angel Food Sorbet by Ethique Limited BE Intent Pineapple Heads TRNZ Digital Travel Guides Punakaiki Fund Collect The ReGrement Income Group Techvana Tapp SellShed H2Explore The Patriarch YeasGe Boys Breathe Easy Red Witch Powerhouse Wind Carbonscape Invivo Renaissance Brewing Mad Group Aeronavics Liquid Waste Treatment Systems Offer Ranges ($M) • Minimum offer requirements ranged from $30,000 for Chariot Rideshare to 800,000 for LWTS with 85% of offers having a requiring $500,000 or less. • The first year of equity crowd funding was characterised by the diverse nature of the issuers from seven different sectors Equity Crowd Funding Offer Ranges Offers Offers Ranges and Sectors Offers by Sector -‐ 2 4 6 8 Energy Industrial Health Care Financial Consumer DiscreGonary InformaGon Technology Consumer Staples Offers
- 5. 5 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 Offers Revenue and Growth Forecasts Reported Revenue – Last Financial Year Forecast 3 Year Revenue Growth Rate Half the companies did not report revenue in the previous financial year. The median three year revenue forecast growth rate was 102% -‐ as a comparison the median annual growth rate for the Deloihe Fast 50 in 2014 was approximately 300% -‐ 0.5 1.0 1.5 2.0 2.5 3.0 3.5 The ReGrement Income Group The Patriarch Techvana Tapp SellShed Punakaiki Fund H2Explore Chariot Rideshare Carbonscape Breathe Easy BE Intent Parent Interviews Liquid Waste Treatment Systems Collect Pineapple Heads Powerhouse Wind PledgeMe Sorbet by Ethique Limited Angel Food Red Witch YeasGe Boys TRNZ Digital Travel Guides Renaissance Brewing Aeronavics Mad Group Invivo Revenue Last Financial Year ($M) 0% 500% 1000% 1500% 2000% 2500% Invivo TRNZ Digital Travel Guides Aeronavics YeasGe Boys Mad Group Red Witch Angel Food Sorbet by Ethique Limited PledgeMe Powerhouse Wind Pineapple Heads Parent Interviews Liquid Waste Treatment Systems 3 Year Growth Rate (% p.a.)
- 6. Equity Crowd Funding Data and Analysis 2014-‐15 6 ©SAMSTEWARTNZ.COM To date 80% of offers have been successful. The success rate was higher for companies raising a smaller amount and able to generate investor interest. • 90% of offers raising $200,000 or less were successful • 90% of offers that were able to ahract 20 or more investors were successful Minimum Offer Amount v Pre-‐Money ValuaJon Average Investment Size v Number of Investors Offers Successful versus Unsuccessful Offers Collect has raised over $320k from 24 investors -‐ 2,000 4,000 6,000 8,000 10,000 12,000 14,000 -‐ 100 200 300 400 500 Average Investment Size ($) Number of Investors Successful Offers Unsuccessful Offers -‐ 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 -‐ 2.0 4.0 6.0 8.0 10.0 Minimum Offer Amount ($) Pre-‐Money ValuaJon ($M) Successful Offers Unsuccessful Offers
- 7. 7 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 Capital Raised by Sector Capital Raised Funds Raised by Sector and Revenue Approximately half the capital raised was by companies with less than $1m revenue p.a.1 Capital Raised versus Revenue1 -‐ 1.0 2.0 3.0 4.0 Energy Health Care Industrial Consumer DiscreGonary Financial InformaGon Technology Consumer Staples Capital Raised ($M) -‐ 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Zero $0 -‐ $1M $1M -‐ $2M $2M -‐ $3M $3M+ Capital Raised ($M) Revenue (Last Financial Year) 1. Capital raised versus revenue analysis excludes Punakaiki Fund
- 8. 8 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 Approximately $12m has been raised through 20 successful offers: • Average capital raised of $593,000 with Invivo and Punakaiki raising the maximum allowable $2m • Average of 151 investors per offer with approximately 3,000 investments in total • Average investment size of $3,900 with Collect having the highest at approximately $13,500 Capital Successfully Raised Number of Investors Average Investment Size Capital Raised Investor StaJsJcs -‐ 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 Parent Interviews PledgeMe Angel Food Sorbet by Ethique Limited Pineapple Heads TRNZ Digital Travel Guides Collect Red Witch The ReGrement Income Group The Patriarch YeasGe Boys Powerhouse Wind Breathe Easy Renaissance Brewing SellShed Carbonscape Aeronavics Punakaiki Fund Invivo Capital Raised ($M) 0 100 200 300 400 500 Investors -‐ 2,500 5,000 7,500 10,000 12,500 15,000 Average Investment Size ($)
- 9. ValuaJon Analysis Pre-‐Money ValuaJons 9 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 Pre-‐Money ValuaJon Average Pre-‐Money ValuaJon by Sector The average pre-‐money valuaGon was $3.8m with 80% of offers having a pre-‐money valuaGon of $1m+ -‐ 2.0 4.0 6.0 8.0 10.0 PledgeMe Angel Food Techvana Chariot Rideshare TRNZ Digital Travel Guides Parent Interviews H2Explore Sorbet by Ethique Limited Red Witch Powerhouse Wind Pineapple Heads Breathe Easy YeasGe Boys The ReGrement Income Group Liquid Waste Treatment Systems Tapp BE Intent SellShed Renaissance Brewing Punakaiki Fund Invivo Collect Aeronavics Carbonscape Mad Group Pre-‐Money ValuaJon ($M) -‐ 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Consumer DiscreGonary Energy Financial Health Care Consumer Staples InformaGon Technology Industrial Average Pre-‐Money ValuaJon ($M)
- 10. ValuaJon Analysis Pre-‐Money ValuaJon versus Revenue 10 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 The broad range of revenue mulGples is a reflecGon of the diverse range of sectors represented and the subjecGve nature of valuing early stage companies. Pre-‐Money ValuaJon versus Forecast Revenue -‐ 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0 -‐ 2.5x 2.5x -‐ 5.0x 5.0x -‐ 7.5x 7.5x -‐ 10.0x 10.0x+ Number of Offers Pre-‐Money ValuaJon / Forecast Revenue DistribuJon of Pre-‐Money ValuaJon Revenue MulJples -‐ 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 -‐ 1.0 2.0 3.0 4.0 5.0 6.0 Pre-‐Money ValuaJon ($M) Forecast Revenue Year 1 ($M)
- 11. 11 © SAMSTEWARTNZ.COM Equity Crowd Funding Data and Analysis 2014-‐15 Average diluGon was 13.5% with approximately 70% of capital raisings resulGng in diluGon of between 10% and 20%. Pre-‐Money ValuaJon versus Capital Raised1 DiluJon versus Capital Raised1 ValuaJon Analysis DiluJon 1. Pre-‐money valuaGon data not adjusted for implicaGons of private capital raisings undertaken in parallel with the crowd funding round e.g. Punakaiki Fund. -‐ 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 -‐ 0.5 1.0 1.5 2.0 Pre-‐Money ValuaJon ($M) Capital Raised ($M) 0% 5% 10% 15% 20% 25% 30% -‐ 0.50 1.00 1.50 2.00 DiluJon Capital Raised ($M)
- 12. Equity Crowd Funding Data and Analysis 2014-‐15 12 ©SAMSTEWARTNZ.COM Original licensees Pledgeme and Snowball Effect have dominated acGvity in the first year. While not as acGve, EquiGse and CrowdCube have achieved a 100% success rate in their three offers to date. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% PledgeMe Snowball Effect EquiGse CrowdCube Success Rate (%) Success Rate by Pladorm Successful Offers by Pladorm Offers by Pladorm Pladorm StaJsJcs Offers, Successes and ValuaJon -‐ 1 2 3 4 5 6 7 8 EquiGse PledgeMe Snowball Effect CrowdCube Average Pre-‐Money ValuaJon ($M) Average Pre-‐Money ValuaJon by Pladorm -‐ 2 4 6 8 10 12 14 CrowdCube EquiGse Snowball Effect PledgeMe Offers 0 2 4 6 8 10 12 14 CrowdCube EquiGse Snowball Effect PledgeMe Successful Offers
- 13. Equity Crowd Funding Data and Analysis 2014-‐15 13 ©SAMSTEWARTNZ.COM Snowball Effect has raised over twice as much capital as the other plaJorms combined. Average Capital Raising by Pladorm Pladorm StaJsJcs Investments and Capital Raised Average Individual Investment Size by Pladorm Investments by Pladorm Funds Raised by Pladorm -‐ 500 1,000 1,500 2,000 CrowdCube EquiGse PledgeMe Snowball Effect Investments (Successful Offers) -‐ 2,000 4,000 6,000 8,000 10,000 12,000 14,000 PledgeMe Snowball Effect EquiGse CrowdCube Average Investment ($) -‐ 200,000 400,000 600,000 800,000 1,000,000 1,200,000 PledgeMe CrowdCube EquiGse Snowball Effect Average Raised ($) -‐ 2.0 4.0 6.0 8.0 CrowdCube EquiGse PledgeMe Snowball Effect Funds Raised ($M)
- 14. DataBlast IndicaGve ValuaGon Analysis The table below lists the equity crowd funding offers for the period July 2014 to June 2015 (Part 1) 14 © SAMSTEWARTNZ.COM Company Pladorm Offer Status Funds Raised Pre-‐Money ValuaJon Renaissance Brewing Snowball Effect Successful 700,000 5,000,000 The Patriarch Snowball Effect Successful 488,800 N/A Techvana Pledge Me Unsuccessful -‐ 750,000 H2Explore Pledge Me Unsuccessful -‐ 1,000,000 Carbonscape Snowball Effect Successful 764,302 8,860,000 Pledge Me Pledge Me Successful 100,000 600,000 YeasGe Boys Pledge Me Successful 503,519 3,500,000 TRNZ Digital Travel Guides EquiGse Successful 211,000 950,000 Aeronavics Snowball Effect Successful 1,500,000 8,500,000 Breathe Easy Snowball Effect Successful 607,927 3,258,280 SellShed Pledge Me Successful 711,100 5,000,000 Parent Interviews Pledge Me Successful 52,100 1,000,000 Invivo Snowball Effect Successful 2,000,000 8,000,000 Equity Crowd Funding Data and Analysis 2014-‐15 Appendix A1. Equity Crowd Funding Offers
- 15. DataBlast IndicaGve ValuaGon Analysis 15 © SAMSTEWARTNZ.COM Company Pladorm Offer Status Funds Raised Pre-‐Money ValuaJon Pineapple Heads Pledge Me Successful 204,900 3,061,000 Chariot Rideshare Pledge Me Successful 45,482 800,000 BE Intent Pledge Me Unsuccessful -‐ 4,500,000 Mad Group Snowball Effect Unsuccessful -‐ 9,800,000 Powerhouse Wind Pledge Me Successful 542,051 2,400,609 ReGrement Income Group EquiGse Successful 455,330 3,500,000 Red Witch Snowball Effect Successful 407,772 1,757,134 Tapp Pledge Me Unsuccessful -‐ 4,059,320 Angel Food Pledge Me Successful 151,125 650,000 LWTS Pledge Me Open -‐ 4,050,000 Punakaiki Fund Snowball Effect Overfunding 1,888,6251 5,785,500 Sorbet by Ethique Limited Pledge Me Successful 202,150 1,050,000 Collect Crowdcube Overfunding 325,7001 8,000,000 Equity Crowd Funding Data and Analysis 2014-‐15 Appendix A1. Equity Crowd Funding Offers The table below lists the equity crowd funding offers for the period July 2014 to June 2015 (Part 2) 1. Based on funds raised at 30 June 2015
- 16. © SAMSTEWARTNZ.COM Sam Stewart TwiOer: @samstewartnz Email: sam@samstewartnz.com Website: samstewartnz.com Important NoJce This report has been prepared for discussion purposes based on publically available informaGon. While every effort has been made to ensure the informaGon presented is accurate no responsibility is accepted for any inaccuracies. The informaGon should be independently verified before being used for any purpose.