Indiegogo alum Cocoon has launched an equity crowdfunding campaign on Crowdcube. The UK-based home security company is currently seeking £2 million and has already raised £1 million.
Back in 2014, Cocoon raised $252,538 from 860 backers for its one device home security system. The company noted it raised £2.4 million in strategic investment from Aviva Ventures and Breed Reply in 2015. The camera’s features include a siren, HD camera, privacy lighting, motion detector, and microphone. The company shared details about its Subsound Detector by stating:
“Cocoon can set up in seconds and protect your whole home, making security more affordable for the 19 million homes currently unprotected. Our patented Subsound technology, detects infrasound created by intruders, protecting the whole home from one device, and by using machine learning avoids false alarms.”
To date, Cocoon claims that its customer satisfaction rating is more than 97% and customer reviews are five stars on various platforms. The company then explained that since launching commercially in September 2016, it has grown monthly sales consecutively and has shipped more than 1,250 units. It was also revealed:
“We’re in discussions with a major UK corporate for national distribution, working towards retail partnerships and developing a reduced production cost Cocoon v2 – ensuring sustained growth. Home security will be the first purchase for most smart home customers in a global market worth +£38.5 billion by 2020.”
Funds from the campaign will be used for production cost along with developing additional upgraded monthly subscription services to develop recurring revenue and expand the company’s business development team to focus on U.S. and UK retail distribution and partnership sales.
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