New Zealand customer software startup MyWave bags NZ$2.5M in first funding

By VCPOST Staff Reporter

Apr 28, 2014 07:56 AM EDT

MyWave has closed its first financing round with NZ$2.5 million in its pocket. The funding comes ahead of its 2015 listing on the NZ Stock Exchange, according to ZDNet.

Chief executive officer (CEO) Geraldine McBride said: "There was very strong investor interest in the offer... Our priority is to have a core group of customers up and running prior to our listing application in 2015... 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."

MyWave is a company that develops a new generation of customer software, or "customer managed relationship (CMR)." This is based on the existing customer relationship management (CRM) format used by enterprises. The platform allows users to connect with other companies using a cloud-based personal assistant. They can update and share their own data and preferences through the platform. They also own the data, the report explained.

Based in New Zealand, MyWave also has a development unit in Melbourne. McBride said the startup's Software as a Service (SaaS) platform is already set for deployment in New Zealand and Australia. The firm was raising NZ$1.5 million in its first funding. MyWave will use the new capital to develop its CMR platform, ZDNet reported.

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