Yorkshire Business Sets Its Sights On Growth In US Market

Leeds-based smart home security company, Cocoon Alarm Ltd, has launched a bid to raise £2.5m to help fuel further growth in its innovative smart technology and build market share across the UK and US.

The company secured a £2.4m seed investment from Aviva Ventures and Breed Reply Investments in 2015 and is now looking to raise an additional £2.5m through leading investment crowdfunding platform, Crowdcube. 

As part of the latest round of fundraising, it has received a commitment of £1m from Aviva Ventures and Breed Reply Investments and hopes to secure the remaining £1.5m by the 4 March 2017.

Cocoon’s innovative technology provides home security from one device without the need for additional sensors. It arms automatically when a home is unoccupied, but there is a manual override too. When armed its Subsound® technology detects subtle sounds and vibrations caused by activity in any room and on any floor. 

Since launching commercially in September 2016, the company has grown its monthly sales consecutively, having now shipped over 1,250 units. The business forecast turnover of £1.96m for 2017 and will use the latest investment to reduce unit production costs, develop additional upgraded monthly subscription services and expand its business development team to focus on both the UK and US market opportunities.

Sanjay Parekh, Cocoon’s Co-Founder, said:

“Since receiving the investment in 2015 from Aviva Ventures and Breed Reply Investments, we have developed our innovative Subsound® technology and established the business as a leader in its field.

“The majority of UK homes are not protected from burglary and I believe that we are ideally placed to grow and meet the need for an easily installed device for the home. We are excited about this latest round of fundraising and believe that, with the market for smart home technology expected to be worth over £38.5bn by 2020, we are in a strong position.”  

Andrea Cropley from the Sheffield office of law firm Irwin Mitchell has advised Cocoon on all of its fundraising so far.

More information about the fundraising is available here