The equity crowdfunding campaign for Aeronavics, the drone designer and manufacturer, has hit $1 million, making it the largest equity crowdfunding campaign undertaken in New Zealand to date.

The advanced aerial solutions company is based in Raglan and has customers worldwide including NASA, Disney and DreamWorks.

On the crowdfunding platform Snowball Effect, Aeronavics achieved its initial target of $750,000 in just three days.

At present the campaign has attracted 201 investors and is on track to hit its maximum funding cap of $1.5 million by the time the offer closes on March 14.

Linda Bulk, Aeronavics general manager and director, says, “The popularity of the raise has definitely exceeded our expectations, both in terms of the pace investors have come on board, and the amount raised.

“What's really exciting is that exceeding our initial target will allow us to bring our growth plans forward.

“We'll be able to develop products in our R-D pipeline earlier, which will widen our range of solutions, boost and streamline our production capabilities and give us a real edge in this global market,” she says.

Shaun Edlin, Snowball Effect company pipeline and services, says the offer has set a new benchmark for equity crowdfunding in New Zealand.

“This is the first ever equity crowdfunding offer in New Zealand to surpass the $1 million mark, and is also the fastest raise on the Snowball Effect platform so far.

“We're thrilled for the Aeronavics team, who are now aiming to hit the $1.5 million overfunding target.

Aeronavics is the fourth offer hosted by Snowball Effect, all of which have achieved their funding targets.

The previous three successful offers were Renaissance Brewing ($700,000), The Patriarch ($488,800) and CarbonScape ($764,302).