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Kiwi cloud software start-up completes first round of private capital raising

29 Apr 2014

Personal cloud software startup MyWave has completed a first round private capital raising of NZ$2.5 million to fund ongoing software and market development, preliminary to a planned NZX listing application in 2015.

MyWave CEO Geraldine McBride says the offer sought to raise $NZ1.5 million, with the option to accept over-subscriptions up to $2.5 million.

“There was very strong investor interest in the offer,” she says. “MyWave is now well funded to achieve our immediate business objectives.

"These include further development of the MyWave customer-managed relationship (CMR) platform, which is now ready to deploy to customers in New Zealand and Australia.

"Our priority is to have a core group of customers up and running prior to our listing application in 2015.”

With MyWave, people connect with their favourite companies and brands through a personal cloud-based personal assistant running on their preferred mobile, tablet or web device.

The MyWave experience is designed to provide a framework for individuals to have one-on-one relationships with their selected companies and brands.

McBride says MyWave is receiving strong interest from enterprise businesses, which view MyWave as ‘on trend’ for the market opportunity of connecting directly to the end customer, with up to the minute accurate customer data, creating new opportunities for business growth.

“Our first customers will be in industries that are being digitally disrupted and striving to build enduring relationships with their customers to increase sales, loyalty and reduce the cost to serve,”McBride adds.

"Early adopter industries include banking, insurance, retail, travel/hospitality, loyalty and entertainment.

"These enterprise prospects understand the need to give customer data back to their customers."

The bottom line with MyWave, McBride says, is providing the means for brands and consumers to have a relationship that generates mutual value and makes people’s lives easier.

"MyWave is in the market for software developers with experience in cloud-based applications and user interface development to join the core Melbourne-based development team, as well as in New Zealand," adds James Ladd, CTO, MyWave.

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