With its Crowdcube initiative set to close this upcoming weekend, UK-based home security company Cocoon is nearing £2.3 million thanks to 925 investors. The company previously captured $252,538 from 860 backers in 2014 through reward-based crowdfunding portal, Indiegogo, for its one device home security system. Prior to the equity crowdfunding campaign’s launch, Cocoon secured £1,025,000 from Aviva Group Holdings and Breed Reply Investments.
As previously reported, Cocoon stated each of its camera systems are equipped with a siren, HD camera, privacy lighting, motion detector, and microphone.
“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.”
Since its commercial launch in September 2016, Cocoon’s monthly sales have since grown consecutively, and it has so far shipped over 1,250 units. The company 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.”
In a recent update, Cocoon announced investor perks:
“Throughout this campaign we’ve listened to community feedback, and have recently seen a great level of interest from investors wanting to buy Cocoons but who have invested amounts below the thresholds for the rewards we set out at the start of the campaign. We’re changing that! Given this interest, and as a way to say thank you for supporting us, we will now be distributing 10% discount codes for every investment over £100 but under £1,000. Investors that chose rewards above £1,000 will still get their agreed discount codes and will be unaffected. These discount codes will be emailed to you once the shares have been distributed; which we anticipate happening in late April.”
The perks are the following:
- £100+ investment gives you 10% discount on a Cocoon
- £1,000+ investment gives you 25% discount on a Cocoon
- £2,500+ investment gives you 50% discount on a Cocoon
- £5,000+ investment gives you 100% saving on a Cocoon
Funds from the Crowdcube initiative will go towards 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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