Tertiary Extracts Ōtautahi
Helping Tertiary Extracts Ōtautahi unlock $900,000 in R&D funding
Client
Services
Sector
Year
Tertiary Extracts Ōtautahi
R&D Tax Incentive (RDTI), R&D Loss Tax Credit (RDLTC)
Biotech
2026
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Overview
Tertiary Extracts Ōtautahi (TEO) is a Christchurch-based biotech company transforming New Zealand sheepskin by-products into high-value ingredients for health and nutrition. Through its Ovitage® protein platform and Everee Women™ consumer brand, TEO is developing innovative collagen products with a focus on women's health.
From developing new products to scaling production from the lab to the factory, R&D is at the heart of TEO's business. Continuous experimentation and technical development drive its progress, making R&D funding a valuable way to support ongoing innovation.
For a highly R&D-intensive business like TEO, the R&D Tax Incentive (RDTI) presented a significant opportunity. TEO had previously managed its claims with support from its accountants, but the specialised nature of the incentive was proving challenging. Some eligible R&D activities and costs weren't being captured, while requests for further information from regulators were adding time and complexity to the process. With a small team focused on innovation, TEO needed a more streamlined approach that would help maximise its funding while reducing the administrative burden.
That's where Swell came in. We initially helped TEO finalise its FY25 claim before taking ownership of the FY26 process end to end, securing a $350,000 R&D tax credit. We also helped TEO access a further $560,000 through the R&D Loss Tax Credit, bringing its combined FY26 funding to more than $900,000.
For TEO, that's a significant cashflow boost to support continued investment in R&D. And with Swell managing the funding process, the team can spend less time navigating complex requirements and more time focused on what they do best: innovating.
About
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Challenges
Navigating complex claim processes
While TEO had support from its accountants, the RDTI requires a specialised approach to presenting technical and financial information. TEO was facing requests for further information from Inland Revenue, adding time and complexity to the process. They needed expertise in how to structure claims and present supporting evidence to meet regulators' expectations and keep things progressing.
Capturing the full extent of R&D
With R&D embedded across much of TEO's operations, identifying eligible activities and expenditure required specialist knowledge of the incentive. The existing approach wasn't capturing the full breadth of TEO's R&D, with some projects and costs being overlooked. TEO needed greater clarity around eligibility to ensure it was making the most of the funding available.
Taking time away from innovation
For a small, R&D-intensive team, managing claims internally was a significant distraction from day-to-day operations. Gathering documentation, preparing submissions and responding to regulators all demanded valuable time and attention that could otherwise be spent developing products, solving technical challenges and moving the business forward.
Why Swell
TEO wanted a dedicated R&D funding advisor who could take ownership of the claims process, navigate regulatory requirements and help them make the most of the funding available.
Swell brought expertise on both sides of the R&D funding process. On the technical side, TEO worked with a PhD-qualified biochemist who could delve into the science, understand its complex R&D activities and translate them into clear, compelling technical narratives.
On the financial side, TEO benefited from an advisor with years of experience at Inland Revenue, bringing firsthand knowledge of what regulators look for in a claim. Together, this specialist expertise helped uncover previously overlooked R&D activities and expenditure, while ensuring the supporting information was structured and presented to meet regulatory requirements.
We initially helped finalise TEO's FY25 claim, preparing response to the requests for further information from Inland Revenue. From there, Swell took over the FY26 RDTI claim end to end, from identifying eligible R&D and allocating costs to preparing submissions and managing regulator communications.
We also supported TEO in accessing the R&D Loss Tax Credit, unlocking another valuable source of funding.
With Swell managing both funding streams, TEO has a more streamlined process, greater confidence in its claims and more time to focus on the R&D driving its business forward.
Impact & Value
Over $900,000 in R&D funding
With Swell's support, TEO secured a $350,000 R&D tax credit and a further $560,000 through the R&D Loss Tax Credit for FY26, bringing its combined funding to more than $900,000. It's a significant cashflow boost for a growing biotech business, providing valuable funding to reinvest in product development, process innovation and future R&D.
A more comprehensive, streamlined approach
With Swell's specialist technical and financial expertise, TEO has been able to take a more comprehensive approach to identifying eligible R&D and capturing expenditure. Claims are now supported by clear technical narratives and financial evidence, structured around regulatory requirements. This has helped streamline the process and given TEO greater confidence that it's making the most of the funding available.
More time to focus on innovation
With Swell handling the technical documentation, financial calculations and regulator communications, TEO's team can spend less time managing funding requirements and more time on the work that matters most. For a small, R&D-intensive business, that means valuable time and resources back into developing new products, solving technical challenges and moving innovation forward.
Conclusion
With Swell, TEO now has a more streamlined, reliable approach to accessing R&D funding, backed by a dedicated team that understands both the science behind its innovation and the financial requirements of the claims process.
More than $900,000 in FY26 funding is a significant outcome, providing valuable cashflow to reinvest in developing new products, refining processes and overcoming the technical challenges that come with innovation.
Just as importantly, with Swell managing the process end to end, TEO can spend less time navigating funding requirements and more time focused on the work that drives its business forward.
On Swell's Expertise
“The biggest thing for us has been having people who actually understand what we're doing. Swell can get into the detail of the science, but they also know exactly what's needed from a funding perspective. It's taken a lot of work off our plate, and we can trust that the claims are in good hands.” - Kimberley Bray, Co-Founder / Co-CEO, Tertiary Extracts Ōtautahi (TEO)
On The benefits