A company asking wool growers for cash to promote their product and establish supply chains is well on the way to reaching the minimum capital target it set.
The farmer-owned, Wools of New Zealand, has raised more than $4 million to date and is over 80% of the way to reaching the $5 million minimum it needs to launch.
Chairman Mark Shadbolt says the money has come from 550 growers who collectively represent 12 million kilogrammes of wool production.
This week the company extended its capital raising deadline from 14 December to 25 February 2013, after failing to hit the $5 million mark.
Mr Shadbolt says the extension was to give busy farmers time after Christmas to consider the offer.