Less than a week after launching its equity crowdfunding campaign on Crowdcube, VC backed and Kickstarter alum Kokoon has successfully secured its initial £750,000 thanks to more than 300 investors.
As previously reported, Kokoon was founded in 2013 and stated it is seeking to bring the world better sleeping habits with its relaxation headphones. The company 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
In a recent update, the Kokoon team shared their plans for the overfunded campaign:
“This initial target gives us the funds we need to securely make our way through manufacturing, launch our product into the market and start making some of the hires we need. We’ve already kicked off the hiring process for some key team members. We do plan to carry on the campaign into overfunding. We have only just begun promoting the campaign to our customer base, so we will keep the campaign open for a while longer. Additional funding will allow us to further de-risk the journey ahead, put more resource into evolving our software platform, accelerate development of our product pipeline and explore further marketing opportunities.”
The campaign is currently set to close at the end of October.
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