January 3, 2020

Syndex's strong database funds record-breaking capital raise

Syndex is becoming a frequent friend to the crowdfunding set, supporting the recent and successful Puro New Zealand raise (medicinal cannabis and CBD-hemp) and less recently to the capital raise of Behemoth Brewing.

The capital raise event from crowdfunding platform Pledgeme sought retail investors who could invest a minimum of $500. The raise was supported by Syndex, whose wholesale investor database was instrumental in securing the final $2m.

"We have a large and growing database of wholesale investors who are looking for great opportunities in innovative and exciting private businesses," said Ross Verry, Syndex CEO.

Puro New Zealand embarked on a 4-week crowdfunding effort to secure $2m, which was complemented by further wholesale investment which resulted in $4m of new capital being secured in order to progress their medicinal cannabis and CBD-hemp growing business. It has broken AU/NZ equity crowdfunding records, being the highest amount raised in crowdfunding history.

The outcome; In December Puro New Zealand met its funding goal and the first hemp plants are already in the ground.

"In exposing these Pledgeme offers to these investment-ready clients we continue to deliver diverse, and interesting, investment opportunities across a wide range of sectors. These transactions are also a growing, and important, part of the private economy, offering solutions to some of the private market capital challenges highlighted in the Capital Markets 2029 report", says Verry.

Puro are poised to be one of the first companies in New Zealand to grow medicinal cannabis and CBD-hemp. They have two premium growing sites in Marlborough, a licence to grow medical cannabis, and buyers lined up to purchase the produce. This capital raise will fund research and growing facilities, site security, and the purchase of extraction equipment.

The company has been valued at $23.4million, and have forecasted an after-tax return on investment of 34% at the end of their first full year of production.

This was published on the VOXY site -  click here to see more.

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Ross Verry

Ross Verry is CEO of Syndex and a shareholder. The views expressed above are purely his own. Please assess and research all your investment.

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