Smart home security system provider Cocoon has raised £2.46m in equity crowdfunding on Crowdcube, with its campaign drawing support from 1117 investors, reaching a $15m valuation.
First launched on Indiegogo in November 2014, Cocoon went on to raise $250,000 (approximately £198,000), also bringing in £2.69m in strategic investment from Aviva Ventures and Breed Reply as part of its seed round last year.
Sanjay Parekh, CEO and co-founder at Cocoon, said: “I’m really proud that Cocoon has raised over £2.46m from more than 1,100 investors. It’s incredible for our team to know we have that many people supporting us in the next phase of Cocoon’s journey.
“The funds will enable us to expand our retail distribution, insurance partnerships and continue to improve our product offering for current and future customers.”
Cocoon was founded to bypass traditional home security, which the founders believe is too expensive and complicated.