Just days after launching its equity crowdfunding campaign on Crowdcube, UK-based Techsixtyfour has successfully secured its initial £200,000 from nearly 175 investors. The funds will be used to continue the growth and European expansion of its child wearable product, the Gator Watch.
As previously reported, the Gator Watch is described as a wearable mobile phone/tracker made for young kids. It can receive calls with up to 13 trusted people and has a built in location tracker. Once the wearable is connected, it works almost anywhere in the world (includes free EU roaming). Techsixtyfour stated the watch is the smarter way to stay connected to children as it does not connect to the internet, social media, or games. The story behind Gator Watch reads:
“In Aug 2015, Colleen was at a farm park with her 2 kids and heard a mother screaming as she looked everywhere for her little boy. The fear of losing her own children coupled with the fact that she dislikes the idea of young children handling smartphones, she started Techsixtyfour. Colleen is extremely passionate about the Gator watch because it keeps families connected without the use of smartphones.”
In a recent update, Wong stated that she and her team plan to not overfund more than £220,000:
“Some investors have asked what I will do if the campaign is overfunded? I am capping the raise at £220k. The £20k is just a buffer. I am not a believer of looking for more than I need. I started the business with £26k and have spent every penny wisely. I’ve also learned to negotiate everything. I think it is important to stay lean, mean and focused. I am already generating revenue and will put that back into the business so will not need more than this investment to increase sales in the UK and Europe for the next 12 months.”
Funds from the Crowdcube campaign will be used for marketing, hiring flexible working staff and preparation for sales of Gator watches to other European countries. (legal, website translation/updates, distribution).
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