VC backed and Kickstarter success Kokoon has launched an equity crowdfunding campaign on Crowdcube to raise £750,000 as it prepares to grow its sleep and relaxation headphone enterprise. The company, which was founded in 2013, stated it was established to bring the world a better sleep. It was revealed:
“Many of us struggle sleeping at some point, be it on long flights, noisy neighbours, stress, or a racing mind. We found the answer in a sleep clinic – relaxing audio, a highly effective sleep aid with efficacy validated in multiple clinical trials. Now we’re bringing those benefits out of the sleep clinic to consumers.”
Kokoon also explained after three years of development working with premium acoustics brand Onkyo, it has created what it believes is the world’s first headphone and mobile app designed to aid sleep and relaxation. The company noted that these headphones create a sanctuary for rest and relaxation. EEG sensors, an established approach to sleep measurement, will measure brain activity to understand how users respond to our audio and automatically adjust in response. The company raised $1,936,825 on Kickstarter for the headphones.
“We’ve had encouraging early traction with over £2.8m in pre-order sales and over 16,000 units ordered. We have interest from major retailers, distribution agreements signed and are progressing partnerships with two airlines.The hardware development process is over and we’re ready to manufacture. We are raising growth capital to launch our headphones in the UK and abroad, as well as expand our team. Our existing institutional investors have committed to invest in us again, but we want to give those passionate about Kokoon the chance to invest and join our mission.”
Funds from the campaign will be used for the following:
- Expanding UK engineering team
- Expanding UK Sales and Marketing team
- Build customer support and logistics functions
- PR & Marketing activities
Since its launch, the initiative has raised nearly £650,000 from more than 75 investors. It is set to close at the end of October.
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