Partners and Konnect have shareholder in common
Wellington investment company Rangatira has invested $3.5 million in insurance information provider Konnect Net.
Thursday, September 27th 2012, 7:00AM
Konnect, which was established in 2008, is a leading provider of business process technology to the insurance, health and corporate sectors in New Zealand and Australia.
Read more about the Konnect in our Special Report here.
“Konnect have a range of proven business process solutions that have created strong interest both here and abroad, and were seeking a long-term cornerstone investor to help fund their ongoing growth,” Rangatira’s chairman Murray Gough says.
Rangatira has a conditional undertaking to provide a further $2 million in follow-on capital in August 2013. Rangatira’s chief executive, Ian Frame, will join
Konnect’s board initially, with a further Rangatira director to be appointed to the Konnect Board in 2013.
With this latest investment, Rangatira has this year committed around $15 million to five early stage high-growth ventures. They include: online accounting software provider Xero ($800,000), Partners Life ($4.5m), Valar Ventures investment fund ($1.5m), Movac 3 investment fund ($2.5m) and Konnect ($5.5m). These five investments will account for about 10% of Rangatira’s total investment portfolio.
Rangatira says it is looking for further investment opportunities and still has about $20million available.
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