Devoli welcomes new shareholders as it enters next phase of growth

Published on 01/02/2023

2023 marks our 15th year in business and Devoli is well equipped to continue our rapid expansion. From humble beginnings with two founders making the brave leap to start, and bootstrap their own business in a mature industry, to a company approaching annualised revenues of $100m with a whanau of 100,000 connected premises, 400 business and wholesale customers and 50 Devolians that is punching well above its weight. 


The last 12 months saw Devoli and our customers claim some amazing trophies - placing 29th in the Deloitte Fast 50, 3rd in the Deloitte Masters of Growth and 56th in the TIN100, we also supported Contact Energy in winning the supreme Energy Retailer of the Year award. This industry recognition validates the mahi our team does day in day out to deliver innovation in a non-conformist way, with devilishly clever automation that allows our customers to do what they do best – and for this we are very proud. 


We have grand aspirations over the next few years –  

·         to have ~10% of NZ premises serviced by our automation engine  

·         our innovative platform is being used to deliver outstanding customer experiences in overseas markets 

·         supporting the equivalent of over 50 million voice minutes per month on our state of the art communication network  

·         to be a talent planet that is successfully growing the best humans on the planet 


This cements Devoli as the true challenger brand against the legacy Telco’s and the results are speaking for themselves. 


As the business has rapidly scaled our founders, Davey Goode and Barry Murphy recognised the need to pass the baton on to the next group of people to grow the business. With this transaction now complete, we are delighted to announce Takutai Limited as new shareholders (holding 40%) alongside our existing major shareholder, Punakaiki Fund (holding 54%).  


We also warmly welcomed James Wells (Vulcan Steel, CIO) as the representative for Takutai Limited who joined our board as a director in January. 


The Devoli team are extremely proud to have a shareholder base with the pedigree of Punakaiki Fund and Takutai Limited and are excited to begin this new chapter.  


If you require further information, please contact Karl Rosnell, Devoli CEO at 




About Takutai 


Takutai Limited (owned by Takutai Trust established by Peter and Mary Wells) are the founders and majority shareholder of NZX/ASX listed kiwi success story, and NZ Company of the Year - Vulcan Steel. The Wells family share our core values, have a strong desire to help NZ businesses thrive on the global stage and above all want to be amazing employers to grow, support and bring out the best in people. 



About Punakaiki 


Punakaiki Fund are a long-term investor in high growth companies with a particular focus on SaaS businesses.  They have made in excess of 120 investments into over 30 companies since 2014 and have over $100 million in funds under management across both their funds. They are an evergreen fund, raising money as they go and have a diversified pool of over 1,000 investors. Punakaiki Fund is managed by Lance Wiggs and Chris Humphreys of 2040 Ventures.