You are using an older browser version. Please use a supported version for the best MSN experience.

Flick Electric raises another $5m

NZ NewswireNZ Newswire 13/07/2016 Fiona Rotherham

Online electricity retailer Flick Electric has raised a further $5 million from existing shareholders to fund its New Zealand growth.

The Wellington-based company, which won the New Zealand Hi-Tech award for most innovative service in May, offers electricity directly at fluctuating spot market prices.

It has now raised $15m in capital in the past two years.

Under the capital raise, cornerstone shareholder community-owned Eastland, which owns the Gisborne area electricity network, lifted its stake to 16.7 per cent from 11.1 per cent.

Original investor Evander Group's stake was maintained at 9.2 per cent. The latest share offer values the fledgling company at about $30m.

The fast-growing Flick now has 12,000 customers, having acquired more than any other electricity retailer in the first half of this year.

image beaconimage beaconimage beacon