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The Future Capital Development Fund has invested into OurWishingWell.com, an Australian online gift registry service.
While the terms of the deal have not been disclosed (UPDATE: it was just shy of quarter of million for a significant minority share), Future Capital CEO Domenic Carosa said OurWishingWell.com was an attractive investment opportunity because of its rapid growth and excellent scalability.
Carosa, who joins the OurWishingWell.com board, established Future Capital in December 2008 following his controversial exit from destra Corporation – the company he founded and led for 15 years.
The fund’s major shareholders also include Danny Wallis (founder of ASX listed DWS), Andrew Abercrombie (founder of ASX listed Flexirent) and Simon Baker (ex-CEO of realestate.com.au).
OurWishingWell.com is an online gift registry and wishing well that allows people to contribute money towards any gifts for any event using a virtual gift system. The system handles all major currencies.
The company also provides a white-label solution, where other businesses can provide their own gift registry service using OurWishingWell technology; which is already powering a number of businesses in multiple countries.
OurWishingWell.com was named one of Anthill’s Smart 100 for 2009.
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Paul Ryan Reply:
August 4th, 2009 at 6:49 pm
We’re still probing and will update here.
[Reply]
Paul Ryan Reply:
August 4th, 2009 at 10:38 pm
Updated now, as specific as Carosa will permit on the record.
[Reply]