With its equity crowdfunding campaign on Crowdcube set to close on October 24th, VC backed and Kickstarter alum Kokoon has successfully secured more than £900,000. The company launched the initiative last month seeking £750,000, which was achieved within the first week.
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.”
In a recent update, Kokoon’s Tim Antos announced new manufacturing milestones for the company:
“Richard, Andrew and I have been out in China this past week meeting with our factory and various tool suppliers. As we’ve mentioned in previous updates, we’re making good progress with tooling and we’re expecting to release a detailed update on that next week. We now have many of the tools we need ready; as a reminder, these are required to mass produce the various parts for our headphones in large quantities, whilst ensuring that each part comes out perfect every time. Different techniques are needed depending on whether the parts being produced are metal, silicone or plastic, so it’s quite an exercise getting everything ready for the next phase. As mentioned, there will be more detail on this next week, but for now I’ve included a photo, below, of me (looking rather tired!) at one of our suppliers, with one of the tools required to produce our metal headband casing.”
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
The campaign is currently set to close at the end of October.
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