With less than 24 hours until its first equity crowdfunding campaign on Crowdcube comes to an end, UK-based home security company Cocoon is nearing £2.4 million in funding from close to 1,100 investors. The company launched the initiative last month, seeking £2 million.
This isn’t the first time that Cocoon has had crowdfunding success. The company raised captured $252,538 from 860 backers through reward-based crowdfunding platform Indiegogo for its one device home security system in 2014. Cocoon also secured £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. To date, Cocoon claims that its customer satisfaction rating is more than 97% and customer reviews are five stars on various platforms, including Amazon.
“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.”
Cocoon also reported since its commercial launch in September 2016, it has grown monthly sales consecutively and has shipped more than 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.”
During a recent update, the Cocoon team revealed their thoughts on attracting 1,000 investors to the campaign:
“There is just one day left of our Crowdcube campaign and we’ve joined an exclusive club – that of companies with more than 1000 investors! With the average fundraise on Crowdcube getting around 250 investors – we are really proud to be able to welcome over 1,000 investors to Cocoon. We have big plans, expanding into retail, building strong distribution partnerships and developing our product offering. With 1041 (so far!) of you backing us as we approach this new phase in the business, we have even more to work for.”
Cocoon added that funds from the Crowdcube campaign would 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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