Startups attract $3 million investment

22:46, May 20 2013

The Demo Day investment showcse held at the conclusion of the 12-week Lightning Lab accelerator in Wellington last week saw startups offered at least $3 million by investors who attended.

Organisers say it will be several weeks before details of individual deals are released.

The nine startups at Demo Day pitched to more than 140 investors. The organisers say there was a huge amount of interest and collaboration among investors from several companies.

The Lightning Lab is a partnership between a founding group of professional investors, the Science and Innovation arm of the Ministry of Business, Innovation and Employment and Creative HQ.

Creative HQ CEO Tui Te Hau spearheaded the formation of the Lightning Lab from late 2011 and saw the results of Demo Day as payback for the founding investors, sponsors and Ministry of Business Innovation and Employment.

“Watching Lightning Lab in action was incredible. These results are what makes it worthwhile for the companies which grow out of weeks of hard work, for the investors and mentors who support them, and for the other entrepreneurs who see it and are inspired into action, turning their own ideas into great startup companies going global from downunder.”

The founding investors are Phil McCaw, Dave Moskovitz and Stefan Korn, Marcel van den Assum, Trevor Dickinson, Evander Management, K1W1 and Sparkbox Ventures.

The Lightning Lab is the only New Zealand member of the Global Accelerator Network, started by US-based Techstars.

The startups pitching were: crowd-sourced academic articles platform Publons; video workflow venture WIP; Kids Go Mobile - a software service for parents to teach responsible smartphone use; sports club fundraising app Teamisto; cloud analytics service Expander; mobile marketing business Adeez; online learning startup LearnKo; gamified social media platform Promoki; and real world game venture Questo.