TeamO, a UK marine safety company, has launched an equity crowdfunding campaign on Crowdcube, seeking £200,000 in funding. Launched in May 2017, TeamO states it solves the life-threatening problem of being towed through the water by its BackTow lifejacket. The company reported that it sold its entire first production run within a year and secured national distribution in 5 countries.
“TeamO was founded after a number of high-profile accidents and deaths involving sailors being let down by their lifejacket and tether safety equipment. There was clearly a need for an innovative new approach to life saving design. Oscar Mead (the youngest ever finisher of the solo transatlantic OSTAR race) came up with the idea of a lifejacket that will keep a wearer safe if they go overboard whilst tethered to a vessel. The BackTow lifejacket was the result!”
The company has received various awards, including:
- Yachts and Yachting Innovation of the Year
- A Pittman Innovation Award for Safety
- James Dyson Award – Shortlisted (Top 20)
- DAME Design Award 2017 – Shortlisted
“We plan to be known as the leading brand in the leisure sector, renowned for our innovative and disruptive technological solutions. We will be targeting not only the recreational market but the commercial and military sectors as well, in order to accelerate growth.”
All funds from the Crowdcube round will be used to continue expansion and development of its upcoming products. The company shared:
“With two new products on the way in 2018, TeamO is raising capital to fund development and stock production.”
So far, the campaign has successfully secured nearly £125,000 from more than 150 investors. It is set to close mid-March.
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