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MyWave appoints highest investor of $NZ2.5m capital raising to board

MyWave appoints highest investor of $NZ2.5m capital raising to board

Collins Asset Management’s Tim Cook becomes second independent director following over-subscribed capital raising round

Tim Cook

Tim Cook

New Zealand personal Cloud software start-up, MyWave, has appointed the largest investor from its first round of private capital raising, Tim Cook, as its second independent director.

Cook, who is Collins Asset Management’s managing director, will serve the MyWave board as non-executive director. He is also director of several companies within and outside of the Collins Group, including Cook Executive Recruitment, Veritas Investments, Team McMillan BMW, Team McMillan MINI, and Rolls Royce.

Cook’s appointment follows that of former Xero founder chairman, Phil Norman, who became chairman of the MyWave board earlier this year.

MyWave was founded in 2013 by former SAP North America president, Geraldine McBride. In addition to its Kiwi headquarters, the company runs a development team in Melbourne. Its customer relationship management software-as-a-service (SaaS) model intends to allow users to own and update their own data based on preferences and buying intentions.

MyWave completed its first round of private capital raising at the end of April; it finished with a maximum over-subscription of $NZ2.5 million despite a $NZ1.5m target.

“MyWave is now well-funded to achieve our immediate business objectives,” McBride said at the end of April. “These include further development of the MyWave customer-managed relationship platform, which is now ready to deploy to customers in NZ and Australia.”

The company claims it is seeing strong interest from enterprise businesses which are “digitally disrupted” and require long-term relationship with customers.

Early adopter industries are listed as banking, insurance, retail, travel and hospitality, and entertainment.

The capital raising and customer generation are the first steps in becoming NZX listed, which MyWave intends to achieve in fiscal 2015.

Read more: Centrify makes big strides

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

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