The Icehouse’s Flux Demo Day, and the nine emerging startups that pitched, attracted over 400 investors becoming the largest Demo Day in New Zealand. Hosted at the Museum of Transport and Technology, the venue was a fitting scene for early stage companies with aspirations to become New Zealand’s next “ten-year overnight success” story. For many raising capital is just one early step in their journey, but a crucial one for which the Flux Demo Day exists to accelerate.
This year’s nine companies rose to the challenge of pitching to a room of 400 investors to convince the crowd of their visions.
Those startups were:
- Cove, who presented a mobile chat bot for buying and claiming insurance directly from your phone.
- FreightFish, who is designing a hydro-foil cargo ship to be 10x faster than sea freight at 1/10th of the cost of air freight.
- Quantiful, who measures social media and other data to help retailers stock the products their customers want.
- Yabble, who allows consumers to have their say by providing feedback around new ideas and products.
- Think Ladder, who’s mobile app is tackling mental health creating “a therapist in your pocket”.
- Montoux, who uses big data to help insurers better price risk when providing life insurance quotes.
- Rocos, who is creating software to coordinate groups of autonomous robots working together in agriculture and mining.
- CoHired, who helps recruiters quickly find their top ten applicants for any job based on their CV and culture fit with the rest of the team.
- Hnry, who solves the woes of the “gig economy” and freelances by automatically managing their taxes, insurance and other business obligations.
According to the Flux Manager, Barnaby Marshall – “many of the companies are at the beginning of their growth path so have relatively small revenues, under $1m annually, and were seeking investments of $500k – $2m”.
Already since the event two of the companies, Montoux and Cove, have had commitments for their full investments rounds while others are still working with investors. In 2017 the companies that presented at Flux Demo Day raised $2m from the event, while this year the teams are confident of raising more.
The Flux Demo Day event was supported by their partners Callaghan Innovation and ATEED, who are both keen to see growth in the NZ tech sector. Their support enables The Icehouse to run Flux, an accelerator for elite entrepreneurs to kick start their ventures, Ice Angels, NZ’s most active angel network, and multiple funds that invest alongside both to provide capital, capability and connections to the next generation of tech innovators.
For those out there looking to start out on the entrepreneurial journey of building a start up, Flux Accelerator invests up to $100k per company in 6 companies each year. Applications are now open for their 2019 cohort – visit http://www.fluxaccelerator.co.nz to learn more.