Little did they know they’d pivot to address a major challenge in global health and food security.

From humble beginnings testing glycoproteins in honey, the biotech startup is now developing a platform that could transform how laboratories worldwide detect and manage antimicrobial resistance.

A much higher cause

The company’s journey began with a niche project: building a repeatable, reproducible test for glycoproteins in kānuka honey. 

The work, though specialised, led to a valuable commercial service and it was during this R&D phase that the founders saw a much bigger opportunity.

“We started with a very specific area in honey. Now we are actually targeting a much higher cause,” says Pinnamaneni. 

That cause is antimicrobial resistance (AMR), which the World Health Organization has described as one of the top global public health threats. 

The Experiment Company is developing precision hardware and software to automate bacterial resistance testing, a process that currently takes seven to ten days. 

Their system can cut that to just two to five days – saving laboratories up to 40% in costs and enabling a tenfold increase in throughput. 

Global impact

Despite being a team of just four, The Experiment Company has already been recognised as a finalist in the prototype category at Fieldays and the Parnell Innovation Awards. 

Plans are underway to establish a pilot production facility and distribute early hardware units to overseas partner labs. The feedback and data collected will form the backbone of their seed funding round planned for early 2026. 

With five years of perseverance, The Experiment Company is positioning itself for global impact. Its combination of commercial traction, IP protection, international validation and a clear fundraising pathway makes it an emerging biotech venture in New Zealand.

The answer: Tertiary Extracts Ōtautahi (TEO), a company that is all about championing women’s health while being backed by science, says co-founder Paul Sapsford.

Set up in 2021, TEO takes sheepskins and turns it into collagen.

The process is obviously a lot more complicated than that: “We’re using technology and science with patented new extraction methods so we can get the best out of these sheepskins,” he explains.

Launching in the US

TEO’s collagen has a different amino acid makeup compared to other brands on the market, says Sapsford.

TEO’s branded ingredient, called Ovitage, contains cystine, tyrosine and glutamic acid. This amino acid profile works to target the gut, joints, mood, cognitive clarity and muscle strength, he adds.

After buying a factory in Ōtautahi in May last year, the company went into production in September. In that time, it has sent two orders of Ovitage over to the US.

At Fieldays earlier this year, the company also launched Everee Women, a consumer-facing brand of collagen powder that contains Ovitage. There are plans to launch this in the US next year, says Sapsford.

Making a difference

Startups are challenging but Sapsford and his co-founders, scientist Rob Kelly and senior leader Kimberely Bray, are all passionate about their work.

It helps, Sapsford adds, that all three are good at what they do.

“Kim is great at management, comes from a big company background… Rob’s got hundred of patents, 30-odd published papers, two published chapters, he’s a brilliant scientist.

“And I love sales and translating our vision into something people can buy into. So there’s motivation and then the skills and being able to pull that together.”

While all three founders have different backgrounds and areas of expertise, these all converge on making a difference for women’s health, says Sapsford.

Bray’s lived experience of perimenopause was one of the key inspirations for TEO. The founders noted: 1) that the women’s health market is typically underserved and 2) the positive benefits that can be derived from natural materials here in Aotearoa.

“The products that are available for them are more skewed towards appearance and beauty. So most nutritional products have been designed by men for men, and we can put a pink label on them but that doesn’t mean they’re specific to the requirements of women,” says Sapsford.

“So we know that we can make really good, effective products that have an impact on people’s lives and we want to be able to do that for women by supplementing and assisting with some of the signs of menopause.”

Circular economy

Sapsford is particularly driven by the idea of the circular economy and creating products that add value.

“If we’re going to be growing animals, and it might be controversial but we’re not going to stop any time soon, let’s use and respect all of the animal,” says Sapsford.

Sheepskins don’t really have a use in this day and age, but they have high nutritional value, he adds. To add even more incentive to reduce waste, the skins are highly toxic if they end up in landfill.

“By turning it into something that has real value and that people want, that’s respect for the animal, that’s using all of our resources.”

The company now has a permanent team of about 20 people. Sapsford says that it has also been working to encourage more young people into STEM jobs.

“When you do a science degree, you don’t necessarily expect to be wearing white coats and boots and hair nets, but we are doing proper chemistry in 12,000 litre tanks.”

Built by Reuben and Rebecca Bijl, the app combines Rebecca’s flower photography with wellbeing and mindfulness practices.

“Jasmine is designed to feel like stepping into an art gallery on your phone,” says Reuben, founder of Kiwi app development company Smudge.

“It’s about taking a moment for yourself, enjoying beautiful flower imagery and engaging in thoughtful well-being practices.”

Wellbeing, not subscription

Reuben says Jasmine is an alternative to international wellbeing apps that have become increasingly commercialised.

“A lot of popular international apps are now all about triggering dopamine hits and getting users to sign up to paid plans,” he says.

“Jasmine is the antidote to that. It’s simple, calming and focused on genuine wellbeing rather than pushing subscriptions.”

Bloom your best self

Rebecca, a photographer, captured the app’s images using flowers from her garden, as well as from foraging, and nearby flower farms.

She says that flowers are the perfect imagery for the app. Studies show they have a significant calming effect, helping to reduce stress and anxiety while boosting mood.

“Working with flowers helps me to feel really calm and present, and I wanted to recreate that feeling in Jasmine,” Rebecca says.

“You have to take care of your flowers if you want them to bloom. It’s the exact same with self care, and this app is designed to help people be the best version of themselves.”

Built for you

She adds that Jasmine is built for life’s in-between moments. Whether it’s waiting for a bus, arriving early to meet a friend, or taking a quick break.

“Phones can be addictive. Instead of mindlessly scrolling social media, Jasmine helps users to stay present and take a moment for their wellbeing.”

Creating the app together was a highlight for the couple.

“It was such a cool opportunity to get to work together. We amplified each other’s strengths and have created something we’re really proud of,” says Rebecca.

Jasmine has been built using Liquid Glass, Apple’s new design language which allows for fluid movement.

It is now available for free download on the App Store, with an optional donation model.

Wellumio’s new neuroimaging device – Axana – enables rapid, point-of-care detection of strokes.

With stroke diagnosis, speed is critical. Yet less than 5% of stroke patients receive treatment within the critical ‘golden hour,’ when the chance of disability-free survival is highest. So improving access to fast, accurate diagnostic tools is key to enhancing diagnosis, treatment and outcomes.

Axana delivers gold-standard MRI-based diagnostics in a compact, 50kg device mounted on castors.

Being portble means direct brain imaging can happen in emergency rooms, rural hospitals and mobile units, cutting 1-2 hours from diagnosis-to-treatment time.

The pioneer of stroke diagnostics

Dr Shieak Tzeng, co-founder and CEO of Wellumio, says that with one in four people globally over 25 expected to suffer a stroke in their lifetime, Wellumio is on a mission to transform stroke recovery and reduce healthcare costs.

“Our portable AI-enhanced, magnetic resonance-based brain scanner is significantly faster than traditional MRIs, making it ideal for quick assessments in emergency situations when every second counts. Delivering radial maps of the brain in minutes, Axana empowers emergency physicians, neurologists, radiologists and stroke care team members to rapidly detect strokes and guide critical treatment decisions during the crucial golden hour of care.”

Mitali Purohit, general partner at Nuance Capital and a director of Wellumio, says: “Axana is already showing promising results in clinical trials, offering a glimpse of a future where stroke, one of the world’s leading causes of death and disability, can be diagnosed earlier and more accurately. Wellumio’s technology holds exciting potential not only in stroke, which is the current focus, but also for future applications in a range of brain-related conditions and injuries.”

Cutting costs, saving lives

A stroke occurs when a bleed or blood clot blocks blood flow to the brain. Quickly restoring blood flow can prevent or reduce brain damage – which is why every minute counts.

Wellumio says the Axana scanner has the potential to transform stroke care by bringing MRI-based neuroimaging to the patient’s bedside. It delivers stroke biomarkers in just four minutes – without radiation, contrast agents, specialised infrastructure or radiology staff.

Beyond the human toll, stroke places a heavy financial burden on healthcare systems. Delays in treatment lead to higher mortality, longer hospital stays and costly long-term care. Per-patient costs often exceed US$140,000. In the US alone, stroke causes over US$53 billion in annual economic losses.

Axana enables earlier intervention to reduce both the human and financial cost of stroke – and is now seeking investors to scale its breakthrough device.

Wellumio is a finalist in the PwC Breakthrough Project Award category in the 2025 KiwiNet Research Commercialisation Awards. Winners are announced on 22 October.

Hosted by Xero country manager Bridget Snelling, the podcast highlights the resilience, innovation and impact of small business owners across Aotearoa.

It also explores the stories behind the mahi – from breakthrough moments to hard-earned lessons.

Behind the scenes of small biz life

Each fortnightly episode features conversations with small business owners and industry experts who have carved their own paths to success.

“Small businesses are the backbone of our economy and our communities and so often their incredible mahi and positive impact gets overshadowed by conversations about how tough it can be out there,” says Snelling. 

“This podcast is about providing a platform to go behind the scenes with small business owners and really get to know what their journey has been like. 

“In each episode, we dive deep into real stories of small business life. From the exhilarating highs of a breakthrough moment to the tough lessons learned in the trenches, we explore what it truly takes to build and sustain a business in today’s ever-changing landscape.

“There are helpful nuggets for others to take away in each episode, but most importantly it’s about celebrating the people who are driving our small businesses forward here in Aotearoa New Zealand,” she adds.

Open for Small Business is now on YouTube, Spotify, Apple Podcasts, iHeartRadio, Amazon Music and Podcast Index.

In partnership with accessibility consultancy All is for All, production studio Freebird, music production house Liquid Studios and a group of blind and low-vision creatives, the campaign transforms five of the brand’s engagement rings into composition – capturing each ring’s shape, texture and story through music.

A voice beyond sight

One of the key collaborators is Michael Whittaker – a former international fashion model, now a PhD candidate and Para athlete training for the LA 2028 Paralympic Games.

Living with retinitis pigmentosa, Whittaker brought unique sensory insight to the process. He worked with composers Peter Van der Fluit and Thom Darlow to translate tactile impressions into sound. 

“We were given time to physically engage with the rings, feeling their weight, texture and form,” Whittaker explains.

“These surface details sparked memories and connections, which Peter and Thom helped us translate into sound. It was a deeply personal journey that gave the jewellery a voice beyond sight.” 

The campaign features six signature ring designs: The Sloane Setting, The Constantin, Belenos Five Stone, Oval Boussole, Tilted Pear, and Garden Party.

Naveya & Sloane’s co-founder and creative director Rachel Sloane says: “Jewellery has always been about more than what you see. It’s about emotion, memory and connection.

“Our collaborators weren’t just participants, they were co-authors whose insights opened powerful new ways to communicate beauty beyond the visual language we often take for granted.” 

Rethink beauty

Soundscapes of Jewellery was inspired by a conversation between Naveya & Sloane and All is for All CEO Grace Stratton, following Stratton’s purchase of a signature piece from the brand.

“Blindness or low vision isn’t a limitation,” says Stratton. “It’s a different way of perceiving beauty. This campaign shows what happens when inclusion leads the creative process, not as an afterthought, but as a driver of innovation and meaning.” 

Liquid Studios brought the soundscapes to life, working in close dialogue with the low-vision collaborators. Feedback between collaborators and composers shaped every tonal choice, pause and rhythm.

This initiative marks a pivotal moment for inclusive design in the luxury space and signals the start of a broader accessibility journey for Naveya & Sloane, says the brand.

Naveya & Sloane is also working with All is for All to embed inclusive practices throughout its communications, customer experience and retail environments. 

The soundscapes will be available online and featured in upcoming brand activations, including potential in-store experiences that engage multiple senses.

Huski makes ice-free coolers for drinks like wine, beer and champagne and has become the number-one seller in its category on Amazon across the US, UK, Australia and Canada. Its coolers are now exported to more than 50 countries, including Germany, Japan and the UAE.

Most recently, the company secured its largest export order to date – 76,000 units to the UK.

Cool without ice

What began in a Taranaki farm shed less than a decade ago has grown into a patent-pending product range, now stocked in over 500 retail stores across New Zealand, Australia, Japan and the US.

The brand has also been featured by major international outlets, including Rolling Stone, Vogue, GQ and Oprah’s Favorite Things.

Huski co-founder Simon Huesser says that since champagne was first created in the 1600s, there has been virtually no advancement in how it’s kept cold on the go, with the traditional ice bucket remaining the default for centuries.

Huski’s double-walled vacuum insulation keeps drinks cold for hours without ice – solving the common problem of warm wine or beer before the bottle or can is finished.

“Sparkling wines like champagne and prosecco are particularly sensitive to temperature and experts recommend serving them between 6°C and 10°C to preserve both flavour and carbonation,” says Huesser.

“Once opened, the carbon dioxide that creates bubbles begins to escape rapidly, especially as the wine warms. Our champagne cooler not only maintains the ideal temperature range for up to six hours without ice, it also features the patent-pending BubbleLock Bottle Stopper, which helps slow the loss of effervescence and extend the drinking experience. We believe it’s a world-first feature.”

From beer to bubbly

Huesser says the idea for Huski came from realising that while insulated beer coolers were available in the US, can and bottle sizes in Aotearoa differed from those overseas.

“US beer cans are 355ml, Australia’s are typically 375ml and New Zealand is predominantly 330ml – with a mix of other formats. 

“The realisation that there was no one-size-fits-all solution across markets led us to develop a more universal product range. That’s when we saw real potential, and why we started collecting bottles and cans from recycling bins to get the sizing right,” he says.

Huesser adds that their original beer cooler built a strong following for its ability to keep drinks ice-cold without mess or condensation.

As demand grew, customers began asking for a version that worked for wine and bubbly bottles, says Huesser – so the team developed specific products to meet that need.

The solution for wine lovers

“Designing for sparkling wine came with a new set of challenges. The bottles are larger, the shapes more varied and the drink itself, with its effervescence and sense of occasion, demanded something more than a simple size upgrade,” says Huesser.

“We focused on the full experience, not just keeping bubbly cold. That meant researching bottle variations, testing with real users and thinking about how every detail, including the packaging, could enhance both performance and perception.”

Their solution was a vacuum-insulated stainless steel cooler with a removable stopper at the base, designed to keep sparkling wine at its ideal serving temperature.

The patent-pending integrated bottle stopper slows carbonation loss, helping champagne, prosecco and other sparkling wines stay bubbly longer – solving a major frustration for wine lovers worldwide, he says.

“The solution isn’t complicated but it’s thoughtful and as the stopper lives in the base of the cooler, it’s always on hand when you need it, not lost in a drawer somewhere.”

World-class design

Huski’s Champagne cooler design captured the attention of one of the world’s most respected design institutions, says Huesser.

“The Red Dot Design Award is one of the most prestigious design competitions globally.

“Winning the 2025 Award has been a career highlight. It means being recognised by more than 40 international experts for innovation, functionality and aesthetic appeal. It puts us in the company of brands like Apple, Dyson and Ferrari.”

Huski’s growing popularity has driven significant growth but also brought challenges, especially with intellectual property, he adds.

“As a design-led business, we have had to be proactive about IP protection from day one. 

“We now run monthly sweeps to identify copycat products and have successfully taken down hundreds of infringing listings. It is not just about stopping imitators, it is about safeguarding the value of the research, testing and design work we have invested in,” he says.

Fortunately, that focus has paid off in unexpected ways. 

“In one case, we intercepted a shipment of 15,000 design-infringing wine coolers en route to customers in Australia. After a friendly chat with the importer, it eventually resulted in a significantly larger legitimate commercial order.”

Coolers without borders

With a growing international reach, Huski’s direct-to-consumer model has proven highly scalable.

“We typically enter new markets through Amazon, then expand through our direct-to-consumer e-Commerce websites, retail partnerships and loyalty programmes,” says Huesser.

“This approach has driven significant growth in markets like Australia and the UK, where sales have more than doubled in the past 12 months alone. 

“We have grown from selling to friends and family in New Zealand to exporting over 1.5 million products worldwide.

“More than three-quarters of our business now comes from overseas, and that growth is continuing,” he adds.

In an era dominated by powerful no-code platforms like Replit and Lovable, it’s tempting to believe that many software companies are doomed. But the reality is far more nuanced. The real, lasting competitive edge – the elusive “moat” every founder chases – lies not in faster or fancier code but in their ability to be entrenched in the ecosystem around their product.

It’s no longer enough for startups to build a better app. With the support of AI, software development is becoming near costless. The businesses most resilient to this change are those that understand their customers’ problems in aggregate and therefore offer solutions that don’t just increase efficiency in one area but become fully embedded in a win-win relationship.

As a case study, marketplace businesses highlight one type of structural protection from low-cost coding. Although software often plays a critical role in the marketplace experience (think Uber, AirBnb and First Table), it is in fact the underlying ecosystem of sellers and buyers (drivers/riders, rooms/guests and restaurants/diners) that makes the business model enduring and difficult to replicate. While anyone can clone a feature overnight, you can’t spin up an engaged community or a trusted brand at the click of a button. In 2025, the strongest moats run far deeper than technology itself.

The marketplace moat

Let’s take a closer look at Roofbuddy, one of our portfolio companies. The company is completely redefining how Kiwis replace their roofs, saving customers thousands of dollars with every transaction. In just three years, it has processed more than 36,000 unique customer enquiries and facilitated over NZ$80 million in roofing transactions across more than 3,700 jobs.

When we first met founder and CEO James Logan and his team, what struck us wasn’t just the company’s technology platform – it was the team’s understanding that a true moat is built on delivering value for an entire ecosystem. Roofers typically convert a small percentage of quotes they create and spend hours per quote on travel, measurement and pricing. Their marketplace lets them quote in minutes and deliver into much higher conversion rates. For the most astute roofers, working with them is a no-brainer, and as a result it has built trusted relationships with more than 100 vetted roofing contractors while simultaneously becoming the only independent brand for homeowners seeking roofing services.

It is true that software is at the heart of the business. In addition to the company’s world-leading geospatial mapping system, the CRM platform connects complex operational workflows that a competitor simply couldn’t copy with off-the-shelf tools. So, although software is the foundation, it is the multiple layers of complexity wrapped into one marketplace, the unequivocal value offered to both buyers and sellers and the added capabilities of vertical integration through their subsidiary businesses Guardian Seal and Guardian Steel that define Roofbuddy’s competitive advantage.

The outcome of this multi-factored moat? Solving the roofing industry’s fundamental inefficiency. Their market presence enables lower prices, higher quality and greater protections for all participants. That’s not just software; that’s a true understanding of industry pain points translated into solutions.

A known Kiwi playbook: build deep, then sell wide

An upcoming phase for this business is to solve the same problems on a global stage. By building a vertically integrated offering and going deep in its home market, Roofbuddy is setting the business up to go wide through international expansion. And, in doing so, is walking in the footsteps of other aspirational Kiwi companies.

A great Kiwi success story grown from going deep in New Zealand and wide internationally is Les Mills. Originally built with world-leading expertise in operating gyms and understanding of the fitness business, the company was able to package up their operational knowledge, including their famous classes, custom weights and online plans, and sell them all over the world. As a result, Les Mills International was born. Today, the gyms are worldwide, but at its foundation is a deep, local understanding.

One of Altered Capital’s larger success stories, Starling Bank in the UK, has followed a similar playbook. Now with over four million users and approaching £1 billion in revenue, it has built an incredibly deep banking model in the UK. Now it’s selling it software and capabilities to some of the largest banks in the world.

In our corner of the world, planning to go global when building start-ups is table stakes. Due to our limited population, consensus thinking is that day one is the time to do so. But often it’s not that simple. Owning a local ecosystem and exporting success in a capital light way can deliver the fastest and highest value way to drive investor returns.

What really matters: the team

When evaluating investments, we look beyond the technology to the mindset of the founding team, seeking out people who combine industry expertise with technological innovation. Complex operational knowledge can’t be replicated by someone who just knows how to code. The founders who succeed aren’t just technologists; they’re industry insiders who’ve identified inefficiencies through lived experience and built technology to solve them.

As a primary method of testing a founder’s belief that they are solving a problem that customers will pay for, we only invest in companies already generating revenue. All founders are passionate about the problem they’re solving. But a founder that understands their market deeply enough to create something people will pay for shouldn’t be taken for granted. You can’t fake product-market fit.

The next wave

As we raise our second $100 million venture fund, we’re doubling down on this philosophy. New Zealand has many unique advantages – including being great at building businesses efficiently, with international expansion in mind from day one. This constraint breeds the kind of innovation that creates lasting value.

So, the next time someone tells you their business moat is their software, dig deeper. Ask what makes them embedded in the lives of their customers. How are they not only saving costs but driving revenue? How established are their network effects? And most importantly, what enables the team to have a wholesale understanding of the problem they’re solving? When code can be generated in seconds, it can be human elements – trust, networks, reliability – that make a solution irreplaceable. With AI shaking up the world of software in real time, the best businesses are built on foundations much deeper than code.

Backed by pioneering research and global nutritional science, Radix is among the first companies in the world to achieve this.

Rudling’s founding vision was born out of frustration with an industry that, in his view, consistently short-changed consumers. “I was frustrated by the disconnect between what the food industry knows about good nutrition and what it actually delivers,” he says.

In 2013, at the age of 24, Rudling launched the company, driven by a desire to bridge the gap between nutritional science and everyday food products.

“We set out to prove that this gap could be closed – that it’s possible to create everyday food products, in familiar and convenient formats, that give people access to the very best nutrition.” 

Meals that raise the bar

Better nutrition shouldn’t just be for the wealthy or those with specific health needs, says Rudling. To make a real impact, Radix aims to improve convenient foods most people already rely on – like breakfast. 

Drawing on specialist nutritional knowledge from both an early interest in the field and his sporting background, as well as roots in manufacturing through his entrepreneurial family, Rudling developed software capable of identifying more than 700 nutrients across multiple food groups. 

With this tool, and using insights from over 400 global dietary standards – including guidelines from the World Health Organisation and leading institutions in nutrition, health, data and medical science – Radix launched its first range, designed to deliver the highest levels of naturally sourced nutrition.

“There don’t seem to be any food or nutrition companies offering convenient meals that genuinely meet all the recommended dietary guidelines,” says Rudling. “Our products qualify as truly healthy – not just in marketing, but in substance.” 

Make healthy food accessible again

In addition to breakfasts, the Radix product line-up includes smoothies, protein powders and savoury meals – all made from natural ingredients and freeze-dried on site at Radix’s Waikato facility. 

The products come in a variety of flavors, including a mixed berry breakfast packed with 21 grams of protein, 11 grams of fiber and 27 essential vitamins and minerals. There’s also a cacao and banana smoothie made with the highest bioavailability whey protein on the market – with zero fillers, additives, or synthetic vitamins.

Initially popular among athletes and sporting markets, Radix has grown to serve Olympians, busy professionals, parents and everyday health-conscious consumers. 

“We’ve gone from niche to mainstream. Today, Radix is for anyone wanting to optimise their daily nutrition – and eat healthily without having to think about it,” says Rudling. 

Radix’s approach is guided by values as well as science, leading with innovation and integrity. More than a decade in, Rudling still reads every product review and spearheads ongoing R&D. 

“We’re building a world where the healthiest possible food is accessible to everyone,” says Rudling. “Nutrition doesn’t need to be complicated, when it’s done right, it has the power to transform lives.”  

LA Aire collaborates with councils, healthcare regulators and advertising standards bodies to promote safer cosmetic care – so patients are trusting not just a clinic, but a wider professional network.

“Our mission has always been to prioritise patient safety and clinical excellence,” says LA Aire co-founder Dr. Nameer Wadea.

“With LA AIRE Accreditation, we’re providing patients with the assurance that their treatments are conducted under stringent safety protocols and ethical practices.”

A new benchmark

To place patients’ wellbeing at the forefront of every treatment, the LA Aire Accreditation rolls out regulations that set a new benchmark for clinicians and clinics in Aotearoa.

Those with the accreditation:

• Meet strict safety protocols and infection-control standards
• Are ethically governed and held accountable
• Have demonstrated the appropriate qualifications, training and experience to responsibly perform aesthetic treatments
• Have access 24/7 medical oversight from NZSCM accredited doctors, providing peace of mind to patients

Every practitioner at an accredited clinic is also committed to continuous upskilling.

Co-founder Dr Peter Aspell says: “In an industry that’s rapidly evolving, it’s crucial to have a standard that ensures both safety and quality.”

Clinics that display the LA Aire Accreditation badge send a clear signal to patients that they are upholding these standards, he adds.