Snowball Effect may be first equity crowd-funder to turn a profit after snaring 70% of market

Tue, 22 Mar 2016

By Sophie Boot March 22 (BusinessDesk) - Snowball Effect may become New Zealand’s first equity crowd-funder to turn a profit, saying it has grabbed about 70 percent of the market and smaller rivals are likely to be squeezed out. Snowball and PledgeMe were the first two companies to be granted equity crowd funding licences under the Financial Markets Conduct Act in July 2014. Snowball head of platform Josh Daniell says the company he co-founded four years ago is on track to post a “small profit”. It reported a loss of $214,720 on revenue o...

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