Pioneer Capital is an investor in New Zealand businesses that are focused on growth in large international markets.

We have a track record of partnering with owners and managers to build value in their businesses.

Fundamental to our investment focus is the capability of management and the size and nature of target markets.

Our team has a breadth of skills and experience in operating, investing in and guiding businesses through all stages of growth and in large international markets.

We are New Zealand owned and operated and are committed to investing in a responsible manner.

Pioneer Capital partners with owners and managers of private businesses through investing $10 million - $50 million (or more in partnership with our limited partners) and helping them to build value through growth.

We focus on New Zealand businesses managed by highly capable teams, expanding in large international markets, earning meaningful revenue and delivering high value products and services to their customers.  Typically these businesses export the majority of their products and services.

Our investment capital primarily funds growth, which may include acquisitions.  It may also provide a bridge to public markets or a change of ownership.

The foundation for our investment relies on the potential for a true partnership with owners and management and the associated alignment of interests in achieving strategic goals.

For examples of our investment focus, refer Investments.

To discuss whether Pioneer Capital could be your partner for growth, Contact us.

Pioneer Capital comprises our Investment and Operations Teams.

Our Investment Team has particular experience in large international markets through planning and executing strategic initiatives, such as: partnerships, joint ventures, acquisitions, restructurings and public listings.  It is supported by our Operations Team and external professional advisors.

The best way to learn about how we operate is to talk to us or to people who know us.

Investment Team

Randal Barrett
Managing Director

Craig Styris
Executive Director

Liesl MacDonald
Investment Manager

Shayne Shepherd
Investment Manager

Tom Goddard
Investment Manager

Jeremy Hutton
Investment Analyst

Brigitte de Lambert
Investment Analyst

Operations Team

Graham Fussell
Operations Director

Michelle Flay
Finance Manager

Fionna Bass
Office Manager

Randal Barrett
/ Managing Director

Randal co-founded Pioneer Capital and has been an investor in, founder of, advisor to, director of, or executive of private businesses in Europe, the United States and New Zealand.  He has extensive experience in planning and executing financings, acquisitions and other growth strategies in many markets, primarily in the telecoms, infrastructure, technology, energy, healthcare, and agritech industries.

Pioneer Capital investments: The Rees, Smartfoods, Molemap, Rockit Global, Lifestream, Waikato Milking Systems, Natural Pet Food Group, Konnect, Moa Group, OMNI, Orion Health, INRO, Right Hemisphere, Rakon.


Craig Styris
/ Executive Director

Craig has been an investor in, advisor to and director of private businesses in the United States and New Zealand.  He has extensive experience in planning and executing financings, restructurings and growth strategies in many markets, primarily the telecoms, media, technology, food and beverage and healthcare industries.

Pioneer Capital investments: Tom & Luke, Rockit Global, Magic Memories, Pet Doctors, Natural Pet Food Group, Moa Group, Pukeko Pictures, OMNI, INRO.

Liesl MacDonald
/ Investment Manager

Liesl assists with the evaluation and execution of investment opportunities, portfolio company monitoring and support.  She has experience in managing international acquisition and integration processes, corporate financial modelling and valuation engagements.

Pioneer Capital investments: Molemap, Lifestream, Waikato Milking Systems, WhereScape.

Shayne Shepherd
/ Investment Manager

Shayne assists with the evaluation and execution of investment opportunities, portfolio company monitoring and support. He has experience in a wide variety of acquisition processes with focus on leverage and acquisition finance.

Pioneer Capital investments: Laybuy, The Rees, Smartfoods, Tom & Luke, Pet Doctors, WhereScape, Konnect.

Tom Goddard
/ Investment Manager

Tom assists with the evaluation and execution of investment opportunities, portfolio company monitoring and support.  He has experience in managing international mergers and acquisitions, and in working with management teams on strategic projects.

Pioneer Capital investments: Tom & Luke.

Jeremy Hutton
/ Investment Analyst

Jeremy assists with the evaluation and execution of investment opportunities, portfolio company monitoring and support.  He has experience in a wide variety of corporate financial modelling and valuation engagements.


Brigitte de Lambert
/ Investment Analyst

Brigitte assists with the evaluation and execution of investment opportunities, portfolio company monitoring and support.  She has experience in a wide variety of corporate financial modelling and valuation engagements.

Graham Fussell
/ Operations Director

Graham manages the operational and finance aspects of Pioneer Capital, including investor relations, compliance, valuations and reporting.  He has experience administering international private equity and wealth management operations.

Michelle Flay
/ Finance Manager

Michelle manages financial accounting process and various operational functions.  She has broad accounting experience in private practice and corporations.

Fionna Bass
/ Office Manager

Fionna manages our office functions and is the only member of our team that we cannot be without.

Pioneer Capital has invested in 23 businesses.  Collectively, they have over 50 offices in a dozen major markets, employ over 4,000 people and have aggregate revenue of over $1 billion per annum, of which over 85% is earned outside of New Zealand.

We support our investee businesses with both capital and strategic involvement alongside management.  We have contributed to growth on every occasion.  For example, we have assisted in: setting strategic goals; hiring executives and directors; making acquisitions; refinancing; tracking market developments; assessing public market options; managing difficult situations; and identifying and engaging in-market partners, customers and specialist co-investors.

We are pleased with the strong relationships we have built with owners and managers.  This is the foundation for our investing.

Agility CIS

Agility CIS is a provider of billing and customer information systems to utilities.  Agility CIS’s systems are mission-critical and currently serve tier 2 and tier 3 electricity and gas utilities in New Zealand, Australia, the Middle East and the United States.  Agility CIS has over 30 customers across four countries.

Locations: New Zealand (Auckland), Australia (Melbourne & Brisbane), United States (Houston), and Middle East (Dubai).

More information:

Investment status: Current.


LAYBUY is a financial technology business.  Laybuy’s buy now, pay later service enables consumers to receive their purchases at the point of sale (online and offline) and spread all or some of the cost over a few weekly payments (with no interest charge).  Merchants benefit from upfront payment, and experience larger basket sizes and higher checkout conversion.  Laybuy is growing rapidly in its target markets.

Locations: New Zealand (Auckland), Australia (Sydney), United Kingdom (London).

More information:

Investment status: Current.

The Rees

THE REES is a tourist accommodation and concierge business.  Based in Queenstown, New Zealand’s premier holiday destination, The Rees offers a five star boutique hotel experience from its 155 rooms, suites and lakeside residences, restaurant and concierge desk, to its international guests.  The Rees is leveraging its reputation (as New Zealand Hotel of the Year at the Asia-Pacific HM Awards for 2017 and 2018) to further locations for a complete and authentic experience in New Zealand’s largest export industry.

Locations: New Zealand (Queenstown)

More information:

Investment status: Current.


SMARTFOODS manufactures and markets premium muesli products.  Smartfoods produces healthy lower-sugar products and is a leading innovator, including antioxidant and digestive health products, under its Vogel’s brand.  Smartfoods enjoys strong market share in its home market, and is growing fast in its target export markets in particular those in South East Asia and China.

Locations: New Zealand (Auckland)

More information:,

Investment status: Current.

Tom and Luke

TOM & LUKE manufactures and markets wholefoods snacking products.  Tom & Luke’s tasty, nutritious, gluten-free, vegan snacks are natural and healthy alternatives to traditional convenience snacks.  Tom & Luke is the category leader in New Zealand and Australia, where it is sold through 3,500 retail points, and is entering a number of larger markets further afield.

Locations: New Zealand (Wainuiomata)

More information:

Investment status: Current.


MOLEMAP provides melanoma surveillance services.  Molemap’s teledermatology system comprises Melanographers taking images for screening and archiving, to observe future change and improve accuracy of mole and other suspicious lesion referral to dermatologists.  Molemap has 63 clinics and is expanding its footprint across Australia and New Zealand and licences its technology in the United States.

Locations: New Zealand (Auckland plus 32 clinics), Australia (Melbourne plus 24 clinics), United States (7 clinics).

More information:

Investment status: Current.


ROCKIT produces and markets the world’s first specially bred miniature high quality apple.  Rockit apples are positioned as a healthy snack, and are sold into retail, wholesale, food service, corporate, and e-commerce market segments worldwide.  Rockit apples are growing in a number of countries and are supplied year-round to markets in the Northern and Southern hemispheres.

Locations: New Zealand (Havelock North).

More information:

Investment status: Current.


LIFESTREAM develops and manufactures products for the vitamins, minerals and supplements market. Lifestream’s products are bioactive, ethical and plant based and are marketed under the categories Essential Nutrition, Optimum Digestion, Natural Endurance, Enhanced Support and Women’s Health.  Additionally, Lifestream has launched LifeMum, a range for mum and baby, and Calocurb, an appetite management product.  Lifestream has distributors in over a dozen markets and its products are available in leading health food stores and pharmacies.

Locations: New Zealand (Auckland).

More information:,,

Investment status: Current.

Magic Memories

MAGIC MEMORIES is a market leading provider of innovative content and photography solutions to owners of large volume visitor attractions.  Magic Memories uses the latest technology and its own innovations to capture and share user experiences, that ‘make people smile’.  Magic Memories has installations in over 185 sites in major theme parks and tourist attractions around the world.

Locations: New Zealand (Queenstown), United States (New York, Orlando, Denver), United Kingdom (Staffordshire), Australia (Sydney).

More information:

Investment status: Current.

Waikato Milking Systems

Waikato Milking Systems provides milking systems and technologies to commercial dairy farms. Waikato Milking Systems' reputation for reliability and efficiency is augmented with farmer-centric innovations, such as composite rotary platforms and a range of sensing products. Waikato Milking Systems supplies the majority of the New Zealand market and exports to over 20 other dairy producing countries.

Office locations: New Zealand (Hamilton), Australia (Melbourne), United States (Janesville), United Kingdom (Telford).

More information:

Investment status: Current.

K9 Natural

K9 Natural produces natural pet food for dog and cat owners seeking the best nutrition for the pet members of their families. K9 Natural's products are based on a range of protein sources (beef, lamb, venison, chicken) and are infused with other natural whole food ingredients (fruit, vegetable, mussel, egg) to deliver optimal health and wellbeing for pets. The natural category is growing rapidly worldwide and K9 Natural is enjoying a leadership position, selling its products in nearly 20 countries throughout North America, Asia and Europe.

Office locations: New Zealand (Christchurch), United States (San Diego, Seattle, Washington D.C.), Australia (Sydney), Japan (Tokyo).

More information:

Investment status: Current.

Moa Group

Moa Group is an independent producer of premium beer for an increasingly discerning market. Moa beer is brewed then bottle or barrel conditioned using quality ingredients in Marlborough, the heart of New Zealand’s wine industry, and exported worldwide.

Office locations: New Zealand (Marlborough, Auckland), Australia (Sydney).

More information:

Investment status: Current (listed on NZX: MOA.NZ).


WhereScape provides data warehouse and big data automation solutions to organisations seeking to optimise the accessibility of their data when making key decisions. WhereScape's software products are used to automate the process of planning and building data warehouses across a wide range of database platforms and through a user friendly interface that enables smaller teams to facilitate data warehouse projects faster and at lower cost. WhereScape has over 600 customers in over 20 countries.

Office locations: New Zealand (Auckland, Wellington), United States (Portland), United Kingdom (Reading), India (Pune).

More information:

Investment status: Past (acquired by Idera, backed by Partners Group, HGGC, TA Associates; and subsidiary NOW Consulting acquired by Qrious, subsidiary of Spark (NZX:SPK)).

OMNI Orhtopaedics

OMNI Orthopeadics produces a range of hip and knee implants for the growing total joint replacement market. OMNI's product offering is centered on innovative implant and instrumentation design and the latest in navigation robotics technology. The business has a significant and growing surgeon base in the United States and has expanded into Europe.

Office locations: New Zealand (Christchurch), United States (Taunton, Santa Clara), France (Grenoble).

More information:

Investment status: Past (acquired by Corin, backed by Permira).

Orion Health

Orion Health provides enterprise software that focuses on the information needs of healthcare professionals. Core to Orion Health's product offering is medical records management through integration and messaging with clinical applications at hospital regional and national levels. Orion Health also provides data tools to help payers and providers in improving patient wellness, adherence and recovery. Orion Health is now a leader in the United States, is growing across Europe and has recently entered Asia.

Office locations: New Zealand (Auckland, Christchurch), Australia (Sydney, Melbourne, Canberra), United States (Santa Monica, Boston, Scottsdale, Diamond Bar, Nashville, Raleigh), United Kingdom (London, Glasgow), France (Paris), Spain (Palma de Mallorca), Singapore, Canada (Edmonton, Toronto, St John’s), United Arab Emirates (Dubai), Japan (Tokyo), Thailand (Bangkok), Philippines (Manilla) Northern Ireland (Belfast), Turkey (Istanbul), China (Shenzhen).

More information:

Investment status: Past (listed on NZX:OHE, acquired by HgCapital).

Pet Doctors

Pet Doctors operates a group of veterinary clinics under the 'Pet Doctors' brand and a number of complementary businesses under their own distinct brands (VetNurse+, PetPost, VetSign).  Pet Doctors' strategy is to develop businesses that cater to different aspects of the animal health industry, and leverage its market leading role to develop technology-based solutions for the domestic and international veterinary profession.

Clinic locations: New Zealand (Auckland, Waikato, Bay of Plenty, Manawatu, Hawke's Bay, Wellington, Nelson, Christchurch, Dunedin).

More information:

Investment status: Past (acquired by National Veterinary Care Ltd, ASX:NVL).


Konnect provides data exchange platforms and business process solutions to the insurance industry. Konnect enables its customers and their user communities to interact more efficiently. Konnect is expanding its product offering and the geographies in which it operates.

Office locations: New Zealand (Auckland), Australia (Sydney).

More information:

Investment status: Past (acquired by Clanwilliam Group).

SLI Systems

SLI Systems provides advanced website search and related merchandising services primarily for e-commerce sites. A wide range of retailers worldwide use SLI Systems’ search service to increase their web based sales, serving over one billion search queries each month, in the expanding online shopping market. SLI Systems is the most chosen cloud-based site search provider to Internet Retailer Top 1,000 retailers.

Office locations: New Zealand (Christchurch), Australia (Melbourne), United States (San Jose), United Kingdom (London), Japan (Tokyo).

More information:

Investment status: Past (listed on NZX: SLI.NZ).

Pukeko Pictures

Pukeko Pictures is an independent entertainment production company, focused on the development and production of excellent quality, multi-platform entertainment for a global audience. Pukeko Pictures' properties are broadcast and related merchandise sold through retail channels worldwide, and include a revitalised version of iconic TV series 'Thunderbirds, Are Go!', early childhood series 'The Wotwots' and sister show 'Kiddets', and multi-award-winning scripted drama 'Cleverman'.

Office locations: New Zealand (Wellington), United States (Los Angeles).

More information:

Investment status: Past (acquired by Hengxin Shambala Cultural Co. Ltd, SZ: 300081).


YikeBike develops and produces an all-electric compact folding bike for the commuter market. Large cities are increasingly focused on creating efficient mass transportation systems. YikeBike integrates with public transportation and decreases commuter journey time, with convenience and style.  YikeBike is selling to customers in its target commuter-centric cities in Europe and the United States.

Office locations: New Zealand (Christchurch).

More information:

Investment status: Past (acquired by management).


INRO produced robotics-based systems that automate forklifts and other materials handling vehicles. Logistics and distribution intensive businesses seek greater efficiency and flexibility in their operations, which INRO delivered. INRO sold its products and systems to customers across Australasia, prior to being acquired by Crown Equipment Corp.

Office locations: New Zealand (Auckland).

Investment status: Past (acquired by Crown Equipment Corp.).

Right Hemisphere

Right Hemisphere provided enterprise data visualisation software that automates graphics publishing processes.  These make complex technical data available in dynamic 3D formats, delivering value to manufacturing processes and also sales, marketing, service and support.  Right Hemisphere won many Fortune 500 customers and became a leading supplier to the aerospace industry, prior to being acquired by SAP.

Office locations: New Zealand (Auckland), United States (San Ramon).

More information:

Investment status: Past (acquired by SAP).


Rakon develops and manufactures crystal oscillators for communication and navigation (GPS) devices. Rakon became a market leader due largely to the accuracy of oscillator timing achieved through its proprietary processes. Rakon continues to grow its business as navigation-based services proliferate in both industry and consumer markets.

Office locations: New Zealand (Auckland), China/Taiwan (Shenzhen, Shanghai, Beijing, Taipei), Singapore, South Korea (Gueonggi-Do), United Kingdom (Lincoln), France (Argenteuil, Cadex, Mougins, Pout Sainte Marie), Germany (Bad Rappenau), India (Bangalore), Japan (Saitama), United States (Dublin, Chicago).

More information:

Investment status: Past (listed on NZX: RAK.NZ).

Pioneer Capital is a responsible investor.  Our focus on investing and partnering for growth creates value for a broad range of stakeholders.

The businesses we invest in benefit and support employees, customers, suppliers and the communities in which they operate.

Our investment partners are sophisticated institutions and family offices who are themselves highly successful investors and demand high standards from us.  We invest a substantial amount of our own capital alongside them.

We adhere to the United Nations Principles for Responsible Investing and utilise responsible investment methodology in our investment assessment, management and reporting.

We are members of and active contributors to the New Zealand Private Equity and Venture Capital industry.

For further information, please contact —

Phone: +64 9 304 0870

Email format:

Physical address: 77 Parnell Road, Parnell, Auckland 1052, New Zealand

Postal address: PO Box 3837, Shortland Street Mail Centre, Auckland 1140, New Zealand

Directions to our office —

Detailed below are directions on how to find Pioneer Capital when commuting from the motorway:

  • Exit at the ‘Port’ off-ramp
  • Proceed 500m along Stanley Street
  • Turn right onto Parnell Rise

Google Maps Location

Parking —

Parking is available at the rear of our building (note: driveway is between the brick buildings at 77 Parnell Road, just past Cracroft Street and before Heather Street).