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Quarterly Company Progress Report December 2018

Welcome to the December 2018 Quarterly Company Progress Report. This report covers details reported to shareholders on the progress that companies have made since our last update. At the end of the report there’s also an update covering the latest happenings at Snowball Effect.

The information below is provided by the companies themselves, and participation in the report is at each company's discretion. Many companies have chosen to moderate the level of financial / commercial information included below due to sensitivity, with shareholders typically receiving more fulsome detail on company progress. There are a small number of companies not included in the current report due to the timing of their shareholder reports. Updates from these companies will be added when their reports are made available to shareholders.

UBCO

UBCO develops, markets and distributes Utility Electric Vehicles (UEVs) which have three connected products and services: Portable Power, Accessories and Software.

Highlights for quarter include:

  • Following the growth we have experienced over the last year, we have launched another $2.5m capital raise to fund new market expansion, as well as supporting sales growth and product development. You can find out more about the offer here: View Offer
  • We have received some great media coverage recently, including NBR Radar, Radio NZ: Country Life, Kia Ora Magazine, Radio NZ: Nine to Noon and NZ Life & Leisure.
  • We have a number of fleet developments in progress with Dominos, NZ post and DX Mail all trialling our 2x2's. Dominos have already purchased 3 bikes, which are being used in their Auckland, Taupo, and Queenstown stores.
  • Our global dealer network continues to grow across the world, as we are now just shy of 100 dealers.
  • We are continuing to develop our international market presence with the arrival of our first container shipment into the UK market, commercial assessments in the Dutch market, and ongoing discussions with Southern American distributors. We are also receiving a range of expressions of interest in distribution that we are putting through our process to establish viable candidates.
  • Overall, 2018 has been a year of significant progress as we are on track to generate around $3m in revenue by the end of FY19, exceeding our budgeted forecast of around $2.65m. We are building on the strong progress of last year, starting with our $2.5m capital raise through Snowball Effect. You are able to view the offer details through the button below.

View offer

SuiteFiles

SuiteFiles is a Saas business offering SMEs a specialist cloud-based document management system. They offer accountants an easy to use system for creating and organising important client files such as financial accounts, statements, emails, and spreadsheets. SuiteFiles raised $1m through Snowball Effect in November of 2018.

Highlights for the quarter included:

  • Following our $1m raise through Snowball Effect, we immediately put the capital to use through several new hires in the business. We have filled two positions covering support and sales, as well as a designer.
  • Our total paying user base has grown by ~13% since the start of our recent capital raise, partly due to our rapid user growth in Australia.
  • Our headline number is that SuiteFiles has now surpassed our goal of $1m in Annual Recurring Revenue!
  • The December quarter was busy and productive as we attended the XeroCon event in London, the World Congress of Accountants event in Singapore, followed by Sydney and Brisbane with Xero.
  • Following the capital injection, we have been able to refine and plan out activities that we’ve been wanting for a while. We have been working on new features for our Chrome Extensions, Outlook plugin, integrated document signing and many more.

View offer

Zeffer

Zeffer is the largest independent, dedicated cider producer in New Zealand. The company raised $1.2m on Snowball Effect in June 2017 and closed another $2.4m round on Snowball Effect in June 2018:

Highlights for the quarter included:

  • We have had another strong quarter with sales increasing 30% on the same quarter last year. Our grocery sales have also more than doubled Q3 of last year on the back of our new brand and range direction hitting supermarket shelves and selling well.
  • Our new can and flagon formats gained strong initial distribution and our total New Zealand grocery coverage now sits at 49%.
  • We are now the 2nd largest New Zealand owned cider brand and the 8th largest overall cider brand in New Zealand (up from 20th in the same quarter last year).
  • We won the gold medal and the category trophy for our Apple Crumble Cider and gold for our Cidre Demi-sec at the New Zealand Cider Awards.
  • We produced over 100% more litres of cider than the same quarter last year. The site and production team handled these record cider making months well.

View offer

Designer Wardrobe

Designer Wardrobe was founded in 2014 by Donielle Brooke as a New Zealand based fashion marketplace and successfully raised $1.7 million through Snowball Effect in May 2017, and a further $912k in June 2018.

Highlights for the quarter include:

  • We have now achieved our fifth consecutive quarter of growth on the back of continued execution of our Business plan.
  • Our Q4 revenue was up 189% over the same period last year. Revenue for the quarter was also ahead of our forecast by 15%, and our calendar year to date revenue was above forecast by 8% as we continue to drive the growth of our Direct Rental and P2P business.
  • November was a particularly strong month with over 1,000 Direct Rental requests. We expect the Direct Rental inventory to expand to over 1,000 dresses in the coming quarter.
  • We have already set new records for both Listings Created and Listings Sold, having surpassed the prior quarters' record by 7% and 12% respectively.
  • Our user base has now grown to over 150,000 members off the back of our consistent membership acquisition efforts through social media.

View offer

Squirrel

Squirrel Group is made up of Squirrel Mortgages, Squirrel Money, and TenanSee. It is this unique combination of (proprietary) technology working alongside a strong brand and a growing market share of mortgage brokering that puts Squirrel in the right place at the right time to lead market disruption.

Highlights for the quarter included:

  • Mortgage settlement volumes for the December quarter were up 14% on the same period last year and 3% for the financial year to date, the second quarter in succession to record year-on-year growth.
  • Overall, total revenue for the Mortgages business was up 12% on the prior year for the nine months to December.
  • Cash received via trail commissions was up 6% on the previous quarter and the trail paying mortgage book reached $1 billion in January.
  • Loans originated through the Squirrel Money platform grew by 11% in the quarter.
  • We are still working through a number of additional product offerings in the lending space that will further complement our mortgage advisory business. These new offerings will be progressively introduced to the market over the next year.

View offer

Invivo & Co

At Invivo we bring people together so great things can happen, and we believe nothing should stand in the way of a great drink!” Invivo & Co isn’t just a winery; it’s a startup and now a Gin producer, taking on the world one mouthful at a time. Invivo & Co currently sells in New Zealand and 17 offshore markets. Invivo & Co was the first New Zealand company to raise $2m of equity and has now received more than $4 million from over 687 investors through Snowball Effect and private equity.

Highlights for the quarter include:

  • Last week we announced an exciting wine collaboration with New York icon Sarah Jessica Parker! Following months of discussions, time in New York and a wine tasting at SJP’s shoe boutique, we cannot wait to start working with the actor and entrepreneur. Read all about it in our News section and visit our new SJPxInvivo website for more information.
  • We have made a subtle change in our company name to represent our collaborations, co-partners, shareholders and our expansion outside of wines.
  • Graham Norton's Own IRISH GiN in the London-Dry style launched in Ireland this month. We’re over the moon with the enthusiasm from the public on social media as well as the great press reviews!
  • We are on track to meet and hopefully, exceed our full-year revenue forecasts for FY 2019. The launch of the GiN, along with growth across the Invivo and Graham Norton brands in key markets, are driving the increase in sales.
  • We’ve just won TWO trophies at the People’s Choice Wine Awards! Graham Norton’s Sauvignon Blanc won a trophy for the category ‘Best Wine for a Girl’s Night in’ and Graham Norton’s Own Rose won the trophy ‘War of the Roses’.
  • Our Invivo Marlborough Sauvignon Blanc 2018 has just won Double Gold and the Diamond Trophy at Japan’s Sakura wine awards!

View offer

SOS

SOS is a medically formulated hydration drink mix that’s as effective as an IV drip. SOS raised over $250k through Snowball Effect in January 2016.

Highlights for the quarter include:

  • 2018 was a successful year for SOS, with new store entries in Whole Foods, Wegmans, Fresh Thyme and HEB.
  • We have achieved 90% growth in our online business for the year, originating directly from our website.
  • We have now surpassed our third consecutive year of exceeding our forecasts, as well as hitting our EOY 2018 budgets.
  • We successfully trialled our new Ready to drink products in the New Zealand market, distributing small but important placements into key stores. As of the start of 2019, we are ranged in BP and Countdown and have taken 6% market share of the sports category.
  • SOS undertook a further Investment round in 2019, which has already successfully closed within the first month of the year.
  • We are continuing to develop new product ranges, including large serve tubs, new ready to drink products, and a new watermelon flavour. We are also continuing to drive new and environmentally sustainable packaging across all of our product ranges.

View offer

Veriphi

Veriphi is a New Zealand company that has worked to develop a highly innovative laser-based analyser to verify intravenous drugs and alert clinicians before administration to prevent medication error in hospitals. Veriphi raised over $700k through Snowball Effect in May 2016 and $240,000 in November 2016, following requests from shareholders to be able to invest more money.

Highlights for the quarter include:

  • Following the recent positive response from pharmacists at the NZ Hospital Pharmacists Association Conference, we have broadened our approach to multiple hospitals. We plan to recruit two more hospitals within the next few months, to bring the total to four, to participate in a free three-month trial.
  • Our new cloud-hosted database also allows us to monitor the drug test results in real time across all hospitals.
  • Our goal is to convert all pharmacy trial sites to customers at the successful conclusion of each trial, following the completion of regulatory compliance approvals.
  • We recently signed an agreement with Palmerston North Hospital for a free three-month hospital pharmacy trial. In this trial, for the first time, we will leave the device at the hospital for the pharmacy staff to use themselves, where Veriphi staff were previously required to perform the tests.

View offer

Snowball Effect

Snowball Effect is an online investment marketplace. Our mission is to simplify investment into high growth Kiwi companies. We’ve been funded by existing shareholders and cashflow to date to support the continued growth and development of the equity capital market for early-mid stage New Zealand growth businesses.

Highlights for the quarter include:

  • As expected, the volume of raises during Q3 2018 was lower than the previous quarter as business quietens over the Christmas period. $1.61 million was raised during the quarter, including portions of a $3.45m private raise for LINK, a portion of the $1m raise for SuiteFiles, and 2 other private offers through the platform. A total of $45.2m million has been raised to date.
  • Average investment this quarter was $10k from around 187 investors. Overall, the average investment amount to date is around $7.8k from 3,304 investors.
  • The wholesale investor database has grown to over 1,515 members. Around 687 members have completed their Investor Profile and 276 have indicated an interest in becoming a director or advisor to growth companies.
  • We have released case studies on three of our capital raises last year; LINK, Reefton and ArchiPro. If you are interested in learning more about everything that Snowball Effect does, you can read about it on the Case Study Section.
  • We launched our share registry services to all New Zealand companies that want to more efficiently manage their company holding information: Share Registry Services
  • Snowball Effect is looking to expand our energetic and growing team. We are currently hiring for a number of roles within the business. Further details on the roles can be found via the careers page.
  • The company has no capital raising plans at this stage.

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