On Thursday, Barcelona-based music tech startup Oval Sound launched an equity crowdfunding campaign on Crowdcube. The company is currently seeking £500,000 as it prepares to expand globally.
Founded in 2014, Oval Sound offers music technology solutions for professional musicians, music therapy applications, and music entertainment/education. The company revealed that its first product, electronic musical instrument Oval, was designed to revolutionize music creation, learning, and live performance. Co-Founder and CEO of Oval Sound, Alex Posada, stated:
“After pre-selling 1,000 units, we have already delivered more than 70% of those orders and keep delivering the outstanding while working on the next software and hardware evolution. There is a huge opportunity in the music market for the Oval. As first in the market we have tested real traction and the readiness for scale-up manufacturing.”
The company also reported:
“We already have interest from major retailers, distribution LOIs signed, and are progressing partnerships with manufacturers in China. We are developing an innovative manufacturing process, difficult to copy, with a patent pending and a registered design. The production system is well defined, tested, controlled and cost-effective, and we are ready for mass production and ready to scale.”
Funds from the campaign will be used for Oval Sound to enter new markets, to begin mass production, and to invest in marketing and software development. The company then noted that applying for loans totaling €300,000 from public Spanish funds ENISA and ICF, and may take on further debt from a bank to accelerate growth if needed. It hopes to secure combined debt and equity funding of €1 million. The campaign is set to close at the beginning of December.
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