Investment Details

Investment Target
$500,000 - $750,000 NZD
Pre-Money Valuation
$3,200,000 NZD
Time Remaining

Investment Status
SCIF Co-Funded
$672,768.39 NZD
96% of maximum target

Mastaplex is currently undergoing Due Diligence with a number of interested parties outside AngelEquity.  We anticipate this may take another 3-4 weeks and plan to keep the round open until the minimum has been hit.

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Business Summary:

Mastaplex Ltd is poised to become a leading provider of veterinary point-of-care diagnostic tests and digital health services. The company’s first application is in mastitis in dairy cows supporting veterinarians and farmers around the globe with antibiotic treatment decisions. The company’s products and services support disease management, improved food quality, and combat against antimicrobial resistance.

Who we are:

Dr Olaf Bork, Founder & Managing Director, process engineer, worked in tech commercialisation and as innovation manager for Bayer.
Colin Harvey, Executive Chairman, recognized for making major contributions to the NZ agricultural industry, founder of Ancare, sold trading assets to Merial.
Jon Sandbrook (Investor Director) worked as investor, founder and strategist in the tech start-up, agriculture and biotechnology sectors.
Dr Gerard Davis (Investor Director) worked as an executive in agribusiness and biotech, grew Catapult Genetics and sold it to Pfizer.

Customer Problem:

The threat to human health of increasing antibiotic resistance is leading to increased demand for diagnosis in the major use areas for antibiotic in animals such as mastitis. Slow/inaccurate laboratory based diagnosis makes mastitis treatment costly and very inefficient, and leads to overuse of antibiotic treatments, exacerbating antibiotic resistance issues.


Mastatest® product is a unique point-of-care mastitis diagnostic test platform: i) Mastatest® consumable test cartridge, ii) Lapbox™ point-of-care device and iii) Mastaplex Cloud analytics & digital health services. The test identifies the bacteria type, and measures the antibiotic sensitivity of the mastitis-causing organism, providing the basis for optimal antibiotic treatment recommendations. Results are uploaded to the cloud and reported directly back to the farmer’s or vet’s mobile phone. The platform has been extensively validated and trialled in New Zealand and the EU and is now in commercial use in NZ and Australia.

Target Market:

Bovine mastitis is an endemic global problem, prevalent in all major dairy producing countries and is one of the major uses of antibiotics in the food chain. The economic impact of mastitis to the global dairy industry is estimated at approximately US$35B, and the disease is estimated to cost the average dairy farmer around NZ$60,000 per year. Mastitis is the largest single driver of antibiotic use in the production animal health sector. The estimated addressable market for bovine mastitis diagnostics is US$1.1B per year. Key global markets include Europe, the US, and New Zealand/Australia.


Key customers include farmers and veterinarians as well as stakeholders such as animal health companies, universities/research organisations, regulatory bodies and health organisations e.g. WHO and OIE.

Sales/Marketing Strategy:

The sale channel of Mastaplex products is via animal health companies to vet clinics as well as vet clinics to farmers and/or to farmers directly. A NZ distribution agreement is in place with Agrihealth NZ Ltd. We are pursuing distribution arrangements with national and global animal health companies to market and sell our products into international markets. Mastaplex is poised to sign a term sheet with one of the top 10 animal health companies by end of July. Offering of digital health services to end users is B2C via Mastaplex Cloud.

Business Model:

Mastaplex’s business model is to control production of its products in-house and then distribute products via a distribution partner. Mastaplex will retain the ability to sell data and analytical services direct to end users via a subscription scheme.


  • On-farm culture plates: e.g. Check up, Accumast – used and interpreted by farmers
  • PCR technologies – e.g. Acumen, Pathoproof - farmer unfriendly suitable for professional labs
  • Antibiogram – antibiotic sensitivity testing on bulk milk samples, turn-around time weeks, carried out in labs
  • Pathology labs – e.g. Gribbles, NZVP – standard pathology labs turnaround time 3-5 days

Competitive Advantage/IP:

Mastaplex’s on-farm mastitis diagnostic test key advantages over current mastitis diagnostic tools:

  1. Quality: clinically proven lab-grade diagnosis on the farm.
  2. Simplicity: no technical know-how required.
  3. Better: three answers in one (bacterial infection, bacteria type, antibiotic sensitivity).
  4. Faster: within 24 hours vs 3-5 days.
  5. Digital: results, recommendations direct to farmers’ inbox.

Mastaplex has two filed patent application (national filing phase), trade secrets and trademarks.

Valuation rationale:

Mastaplex has made significant progress building the business over the last 12 months, including extending and improving the product and extending production capability, advancing discussions with industry partners as well as commercialising the products. The $3.2M pre-money valuation represents a moderate valuation increase in valuation over the previous capital raise round in 2017 considering the progress and achievements Mastaplex has made. Mastaplex is realistic about the work that still needs to be done in order to truly scale the business, but the Company is now very well positioned to deliver on this growth forecast.

Use of Funds:

Drive growth in uptake of the Mastatest technology platform in further territories, complete in-market clinical trials in targeted territories, extension of the production facility for global scale, securing additional distribution partners, extending the team and further product development.

Shareholder Value:

Mastaplex expects a significant valuation uplift in the next capital round which is targeted for late 2019 (15-18 months’ time). Dividend payments may occur from FY2021 once significant sustainable profitable is achieved. The company continues to assess the opportunity for a liquidity event, and we expect that as the company continues to drive value for customers and shareholders alike, the company will become more attractive to potential acquirers over the next 4-5 years.

Overview as at November 2018

Animal Health / Agritech
Funding Stage
Start Up
Burn Rate
$45,000 per month
Deal Type
Dr Olaf Bork
Board / Management

CEO: Dr Olaf Bork

Executive Chairman: Colin Harvey, Harvey Investment Fund Ltd

Director: Jon Sandbrook, WNT Ventures

Investor Director: Gerard Davis


Lawyer: Bowie/Yorke