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Bombora spears into NZ with Javln deal

Australian pre-IPO investor Bombora Investment Management has crossed the Tasman for its first deal in New Zealand, backing insurance software group Javln ahead of a potential listing in Australia.

Bombora’s taken a stake in Auckland-based Javln.  Chris Mckeen

Bombora anchored Javln’s $6.7 million raising, which included a $4 million private offer to pre-IPO investors.

Auckland-based Javln, which provides cloud-hosted software to insurance intermediaries, would use the capital to grow in Australia, and has longer-term plans to take on the Asia Pacific more broadly.

“To compete with global firms we need to scale our team and technology,” Javln founder and CEO Dale Smith said in a statement to Street Talk on Monday morning. “Partnering with Bombora brings greater experience and capital to our business, helping us capture new opportunities in Australia and making it easier to attract further investment in the future.”

Bombora is one of the meaningful players in Australia’s pre-IPO funding market, backing the likes of clothing group Ringers Western, Marketplacer, Mad Paws and Rhipe.

“Bombora sought to invest in a high-quality New Zealand company with the objective of creating a pathway to listing on the ASX,” Bombora’s Emily Mohan said.

“[Javln] meets our investment criteria including a mission-critical application with low churn, an attractive and defensive industry vertical, high growth and low cash burn.”

Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

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