Wools of New Zealand has reached its minimum money-raising target, almost a week ahead of the deadline.
The wool promotion company has been seeking to raise up to $10 million from farmers to develop a strong wool supply and marketing operation.
It needed to raise a minimum of $5 million to carry on with its plans.
After extending the deadline from December to 25 February, it reached the $5 million minimum threshold this week.
Chairman Mark Shadboltsaid new applications are still coming in and he believes support will build over the week.
However, he said that it is difficult to judge what level of support there will be come the deadline next Monday evening.
Mr Shadbolt said the $5 million will repay loans and meet prospectus costs, but the key focus is on getting as much support in excess of the $5 million as they possibly can over the next week.
"We've never walked away from the original objective of $10 million and 20 million kilos."
Meanwhile, Federated Farmers is urging farmers still thinking about the wool marketing venture to commit themselves to supporting it.