With nearly two weeks until its Crowdcube campaign comes to an end, UK-based home security company Cocoon successfully secured its new £2 million funding target (originally £2.5 million) from nearly 750 investors. Before launching the initiative, the company raised £1,025,000 from Aviva Group Holdings and Breed Reply Investments.
As previously reported, Cocoon captured $252,538 from 860 backers in 2014 through reward-based crowdfunding portal, Indiegogo, for its one device home security system. The company also raised £2.4 million in strategic investment from Aviva Ventures and Breed Reply in 2015. According to Cocoon, its camera systems are equipped with a siren, HD camera, privacy lighting, motion detector, and microphone. The company also described its Subsound Detector:
“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, including Amazon. The company launched commercially in September 2016, and its monthly sales have since grown consecutively, and it has so far shipped over 1,250 units.
“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 Crowdcube 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. The campaign is set to close on March 25th.
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